Global Medical REIT Inc (NASDAQ:GMRE) Expected to Post Quarterly Sales of $6.26 Million
Brokerages expect Global Medical REIT Inc (NASDAQ:GMRE) to announce $6.26 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Global Medical REIT’s earnings, with estimates ranging from $5.84 million to $6.69 million. The company is scheduled to announce its next quarterly earnings report on Thursday, August 10th.
On average, analysts expect that Global Medical REIT will report full-year sales of $6.26 million for the current fiscal year, with estimates ranging from $26.41 million to $28.07 million. For the next financial year, analysts anticipate that the firm will post sales of $46.59 million per share, with estimates ranging from $44.96 million to $48.23 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Global Medical REIT.
Global Medical REIT (NASDAQ:GMRE) last issued its quarterly earnings results on Thursday, May 11th. The company reported ($0.14) EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.24. The business had revenue of $4.66 million for the quarter, compared to analysts’ expectations of $5.32 million. Global Medical REIT had a negative net margin of 54.55% and a negative return on equity of 6.70%.
Several equities analysts recently issued reports on the company. Compass Point raised Global Medical REIT from a “neutral” rating to a “buy” rating in a research report on Tuesday, March 28th. Zacks Investment Research cut Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Global Medical REIT presently has a consensus rating of “Buy” and an average target price of $11.54.
In related news, Chairman Jeffrey Busch acquired 11,100 shares of Global Medical REIT stock in a transaction dated Friday, June 30th. The stock was purchased at an average cost of $9.00 per share, for a total transaction of $99,900.00. Following the purchase, the chairman now directly owns 20,110 shares of the company’s stock, valued at approximately $180,990. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Several large investors have recently bought and sold shares of the company. State Street Corp raised its stake in Global Medical REIT by 105.7% in the fourth quarter. State Street Corp now owns 222,290 shares of the company’s stock valued at $1,983,000 after buying an additional 114,242 shares during the period. ICM Asset Management Inc. WA raised its stake in Global Medical REIT by 13.8% in the fourth quarter. ICM Asset Management Inc. WA now owns 180,715 shares of the company’s stock valued at $1,612,000 after buying an additional 21,980 shares during the period. Teachers Advisors LLC raised its stake in Global Medical REIT by 37.5% in the fourth quarter. Teachers Advisors LLC now owns 22,070 shares of the company’s stock valued at $197,000 after buying an additional 6,018 shares during the period. Manning & Napier Advisors LLC raised its stake in Global Medical REIT by 9.3% in the first quarter. Manning & Napier Advisors LLC now owns 519,760 shares of the company’s stock valued at $4,718,000 after buying an additional 44,010 shares during the period. Finally, Dubuque Bank & Trust Co. raised its stake in Global Medical REIT by 10.3% in the first quarter. Dubuque Bank & Trust Co. now owns 161,447 shares of the company’s stock valued at $1,466,000 after buying an additional 15,059 shares during the period.
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Shares of Global Medical REIT (NASDAQ GMRE) opened at 8.85 on Friday. The company’s 50 day moving average price is $9.52 and its 200-day moving average price is $9.05. Global Medical REIT has a 12 month low of $6.73 and a 12 month high of $11.38.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Stockholders of record on Tuesday, June 27th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, June 23rd. This represents a $0.80 annualized dividend and a dividend yield of 9.04%.
About Global Medical REIT
Global Medical REIT Inc focuses on operating as a real estate investment trust. The Company is engaged primarily in the acquisition and leasing of licensed purpose-built healthcare facilities in certain markets with various clinical operators. The Company seeks to invest in these purpose-built, specialized facilities, such as surgery centers, specialty hospitals and outpatient treatment centers.
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