Global Medical REIT (NYSE:GMRE) Trading Up 4.8% Following Better-Than-Expected Earnings

Shares of Global Medical REIT Inc. (NYSE:GMRE) traded up 4.8% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $8.98 and last traded at $8.89. 94,864 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 465,031 shares. The stock had previously closed at $8.48.

The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.21. Global Medical REIT had a net margin of 3.23% and a return on equity of 0.86%. The business had revenue of $35.16 million for the quarter, compared to analysts’ expectations of $34.87 million.

Global Medical REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Investors of record on Friday, March 21st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 9.52%. The ex-dividend date is Friday, March 21st. Global Medical REIT’s payout ratio is currently -4,200.00%.

Hedge Funds Weigh In On Global Medical REIT

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP raised its position in Global Medical REIT by 111.5% in the fourth quarter. Quarry LP now owns 4,940 shares of the company’s stock worth $38,000 after acquiring an additional 2,604 shares during the period. PNC Financial Services Group Inc. increased its position in Global Medical REIT by 58.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,260 shares of the company’s stock worth $48,000 after buying an additional 2,301 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Global Medical REIT in the fourth quarter worth about $82,000. Corton Capital Inc. purchased a new position in shares of Global Medical REIT during the 4th quarter valued at about $85,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Global Medical REIT during the 4th quarter valued at approximately $91,000. Hedge funds and other institutional investors own 57.52% of the company’s stock.

Global Medical REIT Stock Up 4.1 %

The company has a market capitalization of $589.67 million, a PE ratio of -441.13, a price-to-earnings-growth ratio of 1.43 and a beta of 1.24. The company’s fifty day moving average is $7.97 and its 200-day moving average is $8.75. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.28 and a current ratio of 0.28.

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.