Sumitomo Mitsui Trust Group Inc. Sells 1,601 Shares of Global Medical REIT Inc. (NYSE:GMRE)

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Global Medical REIT Inc. (NYSE:GMRE) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,261 shares of the company’s stock after selling 1,601 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.10% of Global Medical REIT worth $589,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GMRE. Proficio Capital Partners LLC acquired a new position in shares of Global Medical REIT during the 4th quarter worth about $178,000. Charles Schwab Investment Management Inc. raised its holdings in Global Medical REIT by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 877,096 shares of the company’s stock worth $6,771,000 after acquiring an additional 23,993 shares in the last quarter. Victory Capital Management Inc. boosted its position in Global Medical REIT by 9.9% during the fourth quarter. Victory Capital Management Inc. now owns 151,871 shares of the company’s stock valued at $1,172,000 after purchasing an additional 13,649 shares during the last quarter. Raymond James Financial Inc. bought a new position in Global Medical REIT in the fourth quarter valued at approximately $1,430,000. Finally, PNC Financial Services Group Inc. grew its stake in Global Medical REIT by 58.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,260 shares of the company’s stock valued at $48,000 after purchasing an additional 2,301 shares in the last quarter. 57.52% of the stock is currently owned by institutional investors.

Global Medical REIT Stock Up 1.7%

GMRE stock opened at $7.28 on Friday. Global Medical REIT Inc. has a 1-year low of $6.06 and a 1-year high of $10.46. The business’s 50 day simple moving average is $6.73 and its 200 day simple moving average is $7.59. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $486.49 million, a PE ratio of 242.58, a PEG ratio of 1.24 and a beta of 1.16.

Global Medical REIT (NYSE:GMRE) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. The firm had revenue of $34.60 million during the quarter, compared to analysts’ expectations of $35.49 million. Global Medical REIT had a net margin of 5.87% and a return on equity of 1.68%. As a group, research analysts anticipate that Global Medical REIT Inc. will post 0.81 EPS for the current year.

Global Medical REIT Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Friday, June 20th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 8.25%. Global Medical REIT’s payout ratio is 2,000.00%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GMRE. Robert W. Baird dropped their price objective on Global Medical REIT from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. B. Riley began coverage on shares of Global Medical REIT in a research report on Thursday, April 3rd. They set a “neutral” rating and a $9.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.44.

Insider Buying and Selling at Global Medical REIT

In other news, CEO Mark Okey Decker, Jr. purchased 102,668 shares of the company’s stock in a transaction that occurred on Tuesday, June 24th. The stock was acquired at an average cost of $6.52 per share, with a total value of $669,395.36. Following the acquisition, the chief executive officer owned 102,668 shares in the company, valued at approximately $669,395.36. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.50% of the company’s stock.

About Global Medical REIT

Global Medical REIT Inc (GMRE) is a net-lease medical office real estate investment trust (REIT) that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems.