Global Medical REIT Inc. (NYSE:GMRE) Stake Reduced by Phocas Financial Corp.

Phocas Financial Corp. cut its stake in Global Medical REIT Inc. (NYSE:GMRE) by 6.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 627,690 shares of the company’s stock after selling 41,870 shares during the period. Phocas Financial Corp.’s holdings in Global Medical REIT were worth $6,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its position in shares of Global Medical REIT by 5.1% during the third quarter. Victory Capital Management Inc. now owns 138,222 shares of the company’s stock worth $1,370,000 after acquiring an additional 6,689 shares during the last quarter. Versor Investments LP acquired a new position in Global Medical REIT during the 3rd quarter valued at about $189,000. State of New Jersey Common Pension Fund D grew its position in Global Medical REIT by 8.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 637,751 shares of the company’s stock worth $6,320,000 after purchasing an additional 47,500 shares during the last quarter. M&G PLC bought a new stake in shares of Global Medical REIT during the third quarter valued at approximately $193,000. Finally, First Trust Direct Indexing L.P. raised its holdings in shares of Global Medical REIT by 25.6% during the third quarter. First Trust Direct Indexing L.P. now owns 20,432 shares of the company’s stock valued at $202,000 after buying an additional 4,164 shares during the last quarter. 57.52% of the stock is currently owned by institutional investors.

Global Medical REIT Trading Down 0.6 %

Shares of GMRE opened at $8.58 on Tuesday. Global Medical REIT Inc. has a 12-month low of $7.98 and a 12-month high of $11.59. The firm’s 50 day moving average is $9.42 and its 200-day moving average is $9.23. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 1.26.

Global Medical REIT (NYSE:GMRE) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.18). The company had revenue of $34.26 million for the quarter, compared to analyst estimates of $34.88 million. Global Medical REIT had a net margin of 3.23% and a return on equity of 0.86%. During the same quarter last year, the company posted $0.23 EPS. On average, sell-side analysts anticipate that Global Medical REIT Inc. will post 0.83 earnings per share for the current year.

Global Medical REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Friday, September 20th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 9.80%. The ex-dividend date was Friday, September 20th. Global Medical REIT’s payout ratio is -4,197.90%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on GMRE shares. Berenberg Bank started coverage on Global Medical REIT in a research note on Friday, October 18th. They set a “buy” rating and a $11.75 target price on the stock. Alliance Global Partners began coverage on shares of Global Medical REIT in a report on Thursday, September 19th. They issued a “buy” rating and a $12.00 price objective for the company.

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.