Global Medical REIT Inc. (NYSE: GMRE) Expected to Post Quarterly Sales of $30.64 Million
Wall Street analysts predict that Global Medical REIT Inc. (NYSE:GMRE – Get a rating) will announce sales of $30.64 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have released earnings estimates for Global Medical REIT, with the lowest sales estimate at $29.88 million and the highest estimate at $31.34 million. Global Medical REIT reported sales of $27.35 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 12%. The company is due to release its next results on Monday, January 1.
On average, analysts expect Global Medical REIT to report annual revenue of $125.57 million for the current fiscal year, with estimates ranging from $119.76 million to $132.84 millions of dollars. For the next fiscal year, analysts expect the company to report sales of $133.68 million, with estimates ranging from $120.21 million to $152.54 million. Zacks sales calculations are an average average based on a survey of analysts who cover Global Medical REIT.
Global Medical REIT (NYSE: GMRE – Get a rating) last reported quarterly earnings data on Monday, February 28. The company reported earnings per share of $0.06 for the quarter, missing Thomson Reuters consensus estimate of $0.23 per ($0.17). Global Medical REIT posted a net margin of 15.20% and a return on equity of 3.20%. During the same period last year, the company posted earnings per share of $0.24.
Several equity research analysts have recently commented on GMRE shares. StockNews.com began covering Global Medical REIT in a report on Thursday. They set a “hold” rating for the company. B. Riley cut his target price on Global Medical REIT from $20.00 to $18.00 in a Wednesday, March 2 report. Ultimately, Zacks Investment Research upgraded Global Medical REIT from a “Strong Sell” rating to a “Hold” rating in a report on Tuesday, February 8. Two equity research analysts gave the stock a hold rating and four gave the company a buy rating. Based on MarketBeat data, Global Medical REIT has an average rating of “Buy” and a consensus price target of $17.20.
In related news, CEO Jeffrey Busch acquired 2,000 shares in a transaction dated Thursday, March 3. The shares were acquired at an average price of $15.55 per share, with a total value of $31,100.00. The purchase was disclosed in a filing with the SEC, accessible via this hyperlink. Company insiders hold 7.60% of the company’s stock.
A number of large investors have recently changed their positions in GMRE. Barclays PLC raised its position in shares of Global Medical REIT by 160.6% in the fourth quarter. Barclays PLC now owns 75,992 shares in the company worth $1,349,000 after acquiring an additional 46,829 shares during the period. BlackRock Inc. increased its position in shares of Global Medical REIT by 1.8% in the fourth quarter. BlackRock Inc. now owns 4,863,718 shares of the company worth $86,332,000 after acquiring an additional 84,517 shares during the period. Toroso Investments LLC purchased a new stake in shares of Global Medical REIT in Q4 for a value of approximately $231,000. ETF Store Inc. purchased a new stake in shares of Global Medical REIT in Q4 for a value of approximately $192,000. Finally, California State Teachers Retirement System increased its position in shares of Global Medical REIT by 6.0% in the 4th quarter. California State Teachers Retirement System now owns 83,876 shares of the company worth $1,489,000 after acquiring 4,751 additional shares during the period. Hedge funds and other institutional investors own 70.85% of the company’s shares.
Shares of Global Medical REIT opened at $16.32 on Friday. The company has a quick ratio of 0.19, a current ratio of 0.19 and a leverage ratio of 0.92. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 85.90, a growth price-to-earnings ratio of 2.05, and a beta of 0.87. The company has a fifty-day simple moving average of $16.05 and a 200-day simple moving average of $16.28. Global Medical REIT has a fifty-two week minimum of $12.85 and a fifty-two week maximum of $18.51.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 8. Shareholders of record on Friday, March 25 will receive a dividend of $0.21. This is a positive change from Global Medical REIT’s previous quarterly dividend of $0.21. This represents an annualized dividend of $0.84 and a yield of 5.15%. The ex-date of this dividend is Thursday, March 24. Global Medical REIT’s dividend payout ratio is currently 442.13%.
About Global Medical REIT (Get a rating)
Global Medical REIT, Inc engages in the acquisition of purpose-built healthcare facilities and the leasing of these properties to strong healthcare systems and physician groups. The company was founded on March 18, 2011 and is based in Bethesda, MD.
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