Global Medical REIT (GMRE) Upgraded to “Buy” by Boenning Scattergood

Global Medical REIT (NYSE:GMRE) was upgraded by equities researchers at Boenning Scattergood from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $11.00 price objective on the stock. Boenning Scattergood’s target price suggests a potential upside of 16.65% from the stock’s previous close. Boenning Scattergood also issued estimates for Global Medical REIT’s Q4 2018 earnings at $0.24 EPS.

GMRE has been the subject of several other research reports. Zacks Investment Research cut Global Medical REIT from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Robert W. Baird started coverage on Global Medical REIT in a research note on Thursday, October 11th. They issued an “outperform” rating and a $11.00 price objective for the company. Finally, B. Riley set a $11.00 price objective on Global Medical REIT and gave the company a “buy” rating in a research note on Friday, August 10th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $10.50.

Shares of GMRE traded down $0.04 during midday trading on Wednesday, hitting $9.43. The company had a trading volume of 1,521 shares, compared to its average volume of 61,775. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market capitalization of $201.16 million, a PE ratio of 17.48, a PEG ratio of 1.26 and a beta of 0.51. Global Medical REIT has a 1 year low of $6.34 and a 1 year high of $10.05.

Global Medical REIT (NYSE:GMRE) last announced its quarterly earnings data on Monday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.22). The company had revenue of $14.00 million during the quarter, compared to analysts’ expectations of $14.34 million. Global Medical REIT had a net margin of 9.87% and a return on equity of 2.65%. Analysts predict that Global Medical REIT will post 0.82 EPS for the current year.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Global Medical REIT by 16.5% during the second quarter. BlackRock Inc. now owns 1,010,733 shares of the company’s stock worth $8,955,000 after purchasing an additional 143,401 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Global Medical REIT by 2.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 438,000 shares of the company’s stock worth $4,126,000 after purchasing an additional 10,000 shares during the last quarter. RMR Advisors LLC lifted its stake in Global Medical REIT by 8.7% during the second quarter. RMR Advisors LLC now owns 437,967 shares of the company’s stock worth $3,880,000 after purchasing an additional 35,126 shares during the last quarter. Millennium Management LLC lifted its stake in Global Medical REIT by 370.7% during the first quarter. Millennium Management LLC now owns 229,150 shares of the company’s stock worth $1,593,000 after purchasing an additional 180,465 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Global Medical REIT by 16.0% during the second quarter. Northern Trust Corp now owns 224,496 shares of the company’s stock worth $1,989,000 after purchasing an additional 30,934 shares during the last quarter. Hedge funds and other institutional investors own 42.01% of the company’s stock.

About Global Medical REIT

Global Medical REIT, Inc operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.

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