Global Medical REIT (NYSE:GMRE)‘s stock had its “buy” rating reiterated by analysts at Boenning Scattergood in a research report issued on Friday, AnalystRatings.com reports. They presently have a $11.00 price target on the stock. Boenning Scattergood’s price objective points to a potential upside of 6.59% from the company’s previous close.
The analysts wrote, “We think that GMRE could have purchasing power remaining, on the order of $25 million to $35 million, and that incremental acquisition activity in 2019 will be funded by the newly expanded credit facility and ATM offerings. While GMRE’s portfolio acquisition offered an attractive ROI, we think that future acquisitions will be one-off properties — probably medical office – priced around its sweet spot of $10 million on average. Based on what we know about the timing of acquisitions in April and what we estimate in terms of acquisition activity over the balance of the year, we are raising our forward NAV estimate from $10.30 to $10.50.””
Other equities analysts have also issued research reports about the stock. B. Riley set a $11.00 price objective on shares of Global Medical REIT and gave the stock a “buy” rating in a research note on Friday, March 8th. Zacks Investment Research raised shares of Global Medical REIT from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Wednesday, February 13th. Finally, Stifel Nicolaus began coverage on shares of Global Medical REIT in a research note on Monday, April 15th. They set a “buy” rating and a $11.00 target price for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Global Medical REIT presently has a consensus rating of “Buy” and an average target price of $10.67.
Global Medical REIT (NYSE:GMRE) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.18). Global Medical REIT had a return on equity of 6.29% and a net margin of 22.62%. The firm had revenue of $15.20 million during the quarter, compared to analyst estimates of $15.32 million. Equities analysts forecast that Global Medical REIT will post 0.83 EPS for the current year.
In other Global Medical REIT news, Director Roscoe M. Moore, Jr. sold 5,945 shares of Global Medical REIT stock in a transaction on Monday, March 18th. The shares were sold at an average price of $9.75, for a total transaction of $57,963.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.70% of the company’s stock.
Several large investors have recently modified their holdings of GMRE. Psagot Investment House Ltd. acquired a new stake in shares of Global Medical REIT during the 1st quarter valued at $6,085,000. BlackRock Inc. raised its holdings in shares of Global Medical REIT by 24.4% during the 1st quarter. BlackRock Inc. now owns 1,318,289 shares of the company’s stock valued at $12,945,000 after purchasing an additional 258,536 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Global Medical REIT by 34.2% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 588,000 shares of the company’s stock valued at $5,227,000 after purchasing an additional 150,000 shares in the last quarter. LSV Asset Management bought a new position in shares of Global Medical REIT during the 4th quarter valued at $1,283,000. Finally, Martingale Asset Management L P raised its holdings in shares of Global Medical REIT by 391.1% during the 1st quarter. Martingale Asset Management L P now owns 129,688 shares of the company’s stock valued at $1,274,000 after purchasing an additional 103,282 shares in the last quarter. 35.28% of the stock is owned by institutional investors.
Global Medical REIT Company Profile
Global Medical REIT, Inc engages in the acquisition of purpose-built healthcare facilities and leasing of those properties to strong healthcare systems and physician groups. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
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