PNC Financial Services Group Inc. Purchases 6,936 Shares of Global Medical REIT Inc. $GMRE

PNC Financial Services Group Inc. raised its position in Global Medical REIT Inc. (NYSE:GMRE) by 110.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 13,196 shares of the company’s stock after acquiring an additional 6,936 shares during the period. PNC Financial Services Group Inc.’s holdings in Global Medical REIT were worth $115,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP lifted its stake in Global Medical REIT by 111.5% in the 4th quarter. Quarry LP now owns 4,940 shares of the company’s stock valued at $38,000 after acquiring an additional 2,604 shares in the last quarter. GAMMA Investing LLC lifted its stake in Global Medical REIT by 11,234.4% in the 1st quarter. GAMMA Investing LLC now owns 7,254 shares of the company’s stock valued at $63,000 after acquiring an additional 7,190 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Global Medical REIT in the 4th quarter valued at approximately $82,000. Corton Capital Inc. bought a new stake in Global Medical REIT in the 4th quarter valued at approximately $85,000. Finally, Ballentine Partners LLC bought a new stake in Global Medical REIT in the 1st quarter valued at approximately $101,000. Institutional investors own 57.52% of the company’s stock.

Global Medical REIT Stock Up 5.6%

GMRE stock opened at $7.0350 on Wednesday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $470.50 million, a PE ratio of 100.50, a PEG ratio of 1.14 and a beta of 1.15. Global Medical REIT Inc. has a 1-year low of $6.05 and a 1-year high of $10.46. The business’s 50 day simple moving average is $6.80 and its 200 day simple moving average is $7.39.

Global Medical REIT (NYSE:GMRE) last posted its earnings results on Tuesday, August 5th. The company reported $0.23 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.23. The business had revenue of $37.88 million for the quarter, compared to analyst estimates of $35.57 million. Global Medical REIT had a return on equity of 2.21% and a net margin of 7.32%. Global Medical REIT has set its FY 2025 guidance at 0.890-0.930 EPS. As a group, research analysts anticipate that Global Medical REIT Inc. will post 0.81 EPS for the current year.

Global Medical REIT declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 13th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Global Medical REIT Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Friday, June 20th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 8.5%. Global Medical REIT’s dividend payout ratio is 857.14%.

Insider Buying and Selling

In other news, CEO Mark Okey Decker, Jr. acquired 102,668 shares of the firm’s stock in a transaction on Tuesday, June 24th. The shares were purchased at an average cost of $6.52 per share, with a total value of $669,395.36. Following the acquisition, the chief executive officer directly owned 102,668 shares in the company, valued at $669,395.36. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 8.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GMRE has been the topic of several research reports. Robert W. Baird cut their target price 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. Wall Street Zen cut Global Medical REIT from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.44.

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.