In a report released today, Merrill Ross from Boenning & Scattergood maintained a Buy rating on Global Medical REIT (GMRE), with a price target of $11. The company’s shares closed yesterday at $10.32.
Ross observed:
“We think that GMRE could have purchasing power remaining, on the order of $25 million to $35 million, and that incremental acquisition activity in 2019 will be funded by the newly expanded credit facility and ATM offerings. While GMRE’s portfolio acquisition offered an attractive ROI, we think that future acquisitions will be one-off properties — probably medical office – priced around its sweet spot of $10 million on average. Based on what we know about the timing of acquisitions in April and what we estimate in terms of acquisition activity over the balance of the year, we are raising our forward NAV estimate from $10.30 to $10.50.”
According to TipRanks.com, Ross is a 2-star analyst with an average return of 0.7% and a 54.4% success rate. Ross covers the Financial sector, focusing on stocks such as Essential Properties Realty Trust Inc, Pennsylvania Real Estate Investment, and Preferred Apartment Communities.
Currently, the analyst consensus on Global Medical REIT is a Strong Buy with an average price target of $11.25.
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Based on Global Medical REIT’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $8.49 million. In comparison, last year the company had a net profit of $1.87 million.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock.
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Global Medical REIT, Inc. engages in the acquisition of purpose-built healthcare facilities and leasing of those properties to strong healthcare systems and physician groups. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
