Global Medical REIT Inc. $GMRE Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lessened its position in Global Medical REIT Inc. (NYSE:GMRE) by 82.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 114,550 shares of the company’s stock after selling 523,201 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Global Medical REIT were worth $3,861,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Strs Ohio boosted its holdings in shares of Global Medical REIT by 3,810.1% during the 2nd quarter. Strs Ohio now owns 426,200 shares of the company’s stock worth $2,954,000 after purchasing an additional 415,300 shares during the last quarter. Gabelli Funds LLC purchased a new position in Global Medical REIT during the second quarter worth approximately $2,829,000. Invesco Ltd. boosted its stake in Global Medical REIT by 30.5% during the second quarter. Invesco Ltd. now owns 1,518,668 shares of the company’s stock worth $10,524,000 after buying an additional 355,355 shares during the last quarter. Marshall Wace LLP grew its holdings in Global Medical REIT by 2,208.2% in the 2nd quarter. Marshall Wace LLP now owns 291,708 shares of the company’s stock valued at $2,022,000 after buying an additional 279,070 shares in the last quarter. Finally, Redmond Asset Management LLC increased its stake in shares of Global Medical REIT by 63.0% in the 2nd quarter. Redmond Asset Management LLC now owns 426,622 shares of the company’s stock worth $2,956,000 after acquiring an additional 164,909 shares during the last quarter. 57.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GMRE has been the subject of a number of analyst reports. Robert W. Baird dropped their price objective on shares of Global Medical REIT from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Wall Street Zen downgraded shares of Global Medical REIT from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, Weiss Ratings raised shares of Global Medical REIT from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Global Medical REIT Price Performance

Global Medical REIT stock opened at $35.91 on Friday. The company’s 50 day simple moving average is $35.14 and its 200-day simple moving average is $34.28. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.52 and a current ratio of 0.52. Global Medical REIT Inc. has a 1 year low of $29.05 and a 1 year high of $45.75. The company has a market capitalization of $481.55 million, a price-to-earnings ratio of -143.64 and a beta of 1.18.

Global Medical REIT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Friday, December 19th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 8.4%. The ex-dividend date was Friday, December 19th. Global Medical REIT’s dividend payout ratio is -1,200.00%.

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.