FBR & Co Reiterates “Buy” Rating for Global Medical REIT Inc (GMRE)
Global Medical REIT Inc (NASDAQ:GMRE)‘s stock had its “buy” rating reaffirmed by equities researchers at FBR & Co in a report issued on Monday. They currently have a $10.50 target price on the stock, up from their previous target price of $10.00. FBR & Co’s price objective would suggest a potential upside of 20.41% from the company’s current price.
The analysts wrote, “We are transferring coverage of Global Medical REIT to Bryan Maher due to a reallocation of research resources. Global Medical REIT is a young, albeit fast- growing, healthcare REIT that focuses on acquiring state-of-the-art medical office buildings (MOBs), outpatient and licensed medical facilities, which are leased to single tenants on a net lease basis. The portfolio currently encompasses 48 facilities, net leased to 39 tenants, and spans 1.12M square feet of leasable space. The facilities are among the youngest in the healthcare REIT universe (~12 years on average) and have an average of nine years remaining on their lease terms. The REIT recently completed a preferred share stock offering, netting ~$75M, which, when combined with existing cash, line availability, and leverage, could drive ~$200M in acquisitions over the next few quarters.””
Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Global Medical REIT from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Wednesday, July 12th. DA Davidson lowered shares of Global Medical REIT from a “buy” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $10.00 in a research report on Tuesday, August 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price target on shares of Global Medical REIT in a research report on Friday, September 1st. Finally, TheStreet upgraded shares of Global Medical REIT from a “d” rating to a “c-” rating in a research report on Monday, July 10th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $10.63.
Global Medical REIT (GMRE) opened at 8.72 on Monday. The company has a 50-day moving average price of $9.13 and a 200-day moving average price of $9.13. Global Medical REIT has a 52 week low of $6.73 and a 52 week high of $10.50.
Global Medical REIT (NASDAQ:GMRE) last announced its earnings results on Thursday, August 10th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.17). Global Medical REIT had a negative net margin of 8.39% and a negative return on equity of 1.53%. The business had revenue of $7.42 million during the quarter, compared to analysts’ expectations of $6.16 million. Equities analysts forecast that Global Medical REIT will post ($0.18) earnings per share for the current year.
In other Global Medical REIT news, Chairman Jeffrey Busch purchased 11,100 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was acquired at an average cost of $9.00 per share, with a total value of $99,900.00. Following the acquisition, the chairman now owns 20,110 shares of the company’s stock, valued at approximately $180,990. The purchase was disclosed in a filing with the SEC, which is accessible through this link.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Teachers Advisors LLC boosted its stake in Global Medical REIT by 37.5% during the 4th quarter. Teachers Advisors LLC now owns 22,070 shares of the company’s stock valued at $197,000 after purchasing an additional 6,018 shares during the period. Bank of New York Mellon Corp raised its position in shares of Global Medical REIT by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 126,355 shares of the company’s stock worth $1,147,000 after buying an additional 937 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Global Medical REIT by 24.0% during the 1st quarter. Parametric Portfolio Associates LLC now owns 26,529 shares of the company’s stock worth $241,000 after buying an additional 5,129 shares in the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Global Medical REIT during the 1st quarter worth about $601,000. Finally, BB&T Securities LLC raised its position in shares of Global Medical REIT by 260.7% during the 1st quarter. BB&T Securities LLC now owns 53,739 shares of the company’s stock worth $487,000 after buying an additional 38,839 shares in the last quarter.
About Global Medical REIT
Receive News & Ratings for Global Medical REIT Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Medical REIT Inc and related companies with MarketBeat.com's FREE daily email newsletter.