Municipal Employees Retirement System of Michigan lessened its position in shares of Global Net Lease Inc (NYSE:GNL) by 11.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,910 shares of the financial services provider’s stock after selling 2,990 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Global Net Lease were worth $489,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Global Net Lease by 59.1% during the 1st quarter. BlackRock Inc. now owns 9,767,923 shares of the financial services provider’s stock worth $164,883,000 after purchasing an additional 3,630,221 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of Global Net Lease during the 1st quarter worth approximately $8,712,000. Global X Management Co. LLC raised its position in shares of Global Net Lease by 83.4% during the 1st quarter. Global X Management Co. LLC now owns 718,705 shares of the financial services provider’s stock worth $12,132,000 after purchasing an additional 326,774 shares during the period. Prudential Financial Inc. acquired a new stake in shares of Global Net Lease during the 1st quarter worth approximately $3,048,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of Global Net Lease during the 1st quarter worth approximately $2,449,000. 56.15% of the stock is currently owned by institutional investors.
GNL traded up $0.19 during trading hours on Friday, hitting $21.69. The company’s stock had a trading volume of 475,800 shares, compared to its average volume of 624,790. Global Net Lease Inc has a fifty-two week low of $15.55 and a fifty-two week high of $22.53. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.08 and a quick ratio of 0.08. The stock has a market cap of $1.52 billion, a P/E ratio of 10.72 and a beta of 0.52.
The firm also recently announced a monthly dividend, which will be paid on Monday, September 17th. Investors of record on Thursday, September 13th will be given a $0.1775 dividend. This represents a $2.13 annualized dividend and a yield of 9.82%. The ex-dividend date of this dividend is Wednesday, September 12th. Global Net Lease’s dividend payout ratio is currently 105.97%.
A number of brokerages have recently weighed in on GNL. Zacks Investment Research upgraded Global Net Lease from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Wednesday, August 15th. B. Riley set a $24.00 price target on Global Net Lease and gave the stock a “hold” rating in a research report on Friday, August 10th. Finally, ValuEngine upgraded Global Net Lease from a “sell” rating to a “hold” rating in a research report on Wednesday, July 4th.
Global Net Lease Company Profile
Global Net Lease, Inc (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe.
See Also: Fiduciary
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