Global Medical REIT Inc. (NYSE:XRN – Get Free Report) declared a monthly dividend on Tuesday, August 18th. Stockholders of record on Monday, September 21st will be paid a dividend of 0.16 per share on Friday, October 16th. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Monday, September 21st.
Global Medical REIT has decreased its dividend payment by an average of 0.0%per year over the last three years. Global Medical REIT has a dividend payout ratio of 3,840.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Global Medical REIT to earn $2.20 per share next year, which means the company should continue to be able to cover its $1.92 annual dividend with an expected future payout ratio of 87.3%.
Global Medical REIT Stock Performance
Shares of Global Medical REIT stock opened at $36.27 on Wednesday. The stock has a market cap of $480.23 million, a price-to-earnings ratio of 9.75 and a beta of 1.09. Global Medical REIT has a twelve month low of $29.05 and a twelve month high of $39.93. The company’s fifty day moving average is $36.61 and its 200 day moving average is $35.84. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.37.
Insiders Place Their Bets
In other Global Medical REIT news, CEO Mark Okey Decker, Jr. acquired 6,875 shares of the stock in a transaction dated Tuesday, August 11th. The stock was purchased at an average cost of $35.92 per share, with a total value of $246,950.00. Following the transaction, the chief executive officer owned 75,199 shares in the company, valued at approximately $2,701,148.08. The trade was a 10.06% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Charles Fitzgerald acquired 14,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was acquired at an average cost of $35.78 per share, for a total transaction of $500,920.00. Following the completion of the purchase, the director directly owned 138,893 shares in the company, valued at $4,969,591.54. This trade represents a 11.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 71,525 shares of company stock worth $2,579,304. Company insiders own 8.90% of the company’s stock.
Hedge Funds Weigh In On Global Medical REIT
Several institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd grew its position in shares of Global Medical REIT by 1,001.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock worth $27,000 after buying an additional 721 shares during the period. Fifth Third Bancorp lifted its position in shares of Global Medical REIT by 35.3% during the 4th quarter. Fifth Third Bancorp now owns 1,417 shares of the company’s stock valued at $48,000 after acquiring an additional 370 shares during the period. Virtus Advisers LLC lifted its position in shares of Global Medical REIT by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 2,418 shares of the company’s stock valued at $82,000 after acquiring an additional 768 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in Global Medical REIT during the fourth quarter worth $92,000. Finally, New York State Common Retirement Fund boosted its stake in Global Medical REIT by 59.9% during the fourth quarter. New York State Common Retirement Fund now owns 4,003 shares of the company’s stock worth $135,000 after acquiring an additional 1,500 shares in the last quarter. 57.52% of the stock is owned by institutional investors and hedge funds.
Global Medical REIT Company Profile
Global Medical REIT (NYSE: GMRE) is a real estate investment trust focused on owning and managing healthcare-related properties across the United States. The company acquires, develops and leases a diversified portfolio of medical office buildings, outpatient facilities, long-term care centers and other specialized healthcare real estate. By concentrating on essential healthcare assets, Global Medical REIT seeks to generate stable, long-term rental income under triple-net and modified gross lease structures.
Since its incorporation in 2016 and initial public offering in 2017, the company has pursued an acquisitive growth strategy targeting markets with strong demographic trends and limited supply of modern medical facilities.
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