In a report released today, Merrill Ross from Boenning & Scattergood maintained a Hold rating on Global Medical REIT (NYSE: GMRE). The company’s shares closed yesterday at $8.90.
Ross commented:
“We believe this cap rate premium results from GMRE’s willingness to underwrite small tenants and tenants in suburban locations, as well as its smaller purchase price. 2018, GMRE renegotiated its credit facility under attractive terms, and added a $100 million term facility to the line, which was raised to $350 million of availability. GMRE continues to seek cost-effective fixed-rate financing and is exploring opportunities to obtain secured term debt in Israel, among other options. We are raising our FFO estimates, but we believe CAD coverage of the dividend is unlikely to be consistent until 2019.”
According to TipRanks.com, Ross is a 1-star analyst with an average return of -0.9% and a 50.0% success rate. Ross covers the Financial sector, focusing on stocks such as Bluerock Residential Growth, Gladstone Commercial Corp, and Monmouth Real Estate ate.
Global Medical REIT has an analyst consensus of Strong Buy, with a price target consensus of $9.83.
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Based on Global Medical REIT’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $1.87 million. In comparison, last year the company had a GAAP net loss of $622.8K.
Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GMRE in relation to earlier this year.
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Global Medical REIT, Inc. operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
