Global Medical REIT (GMRE) Gets a Buy Rating from B.Riley FBR


B.Riley FBR analyst Bryan Maher maintained a Buy rating on Global Medical REIT (GMRE) today and set a price target of $12. The company’s shares closed yesterday at $10.48.

Maher commented:

“Global Medical REIT (GMRE) reported results that were mostly in line relative to expectations. Adjusted funds from operations (AFFO) of $0.18 per share came in just below ours/consensus estimate of $0.19. Adjusted EBITDA came in at $13.4M, above our estimate of $13.1M and in line with consensus $13.4M. The slight miss to our AFFO/share estimate was due in part to the company’s larger share count stemming from YTD share issuances. Global Medical REIT has been very active thus far in 2019, completing ten acquisitions YTD, encompassing 415,419 leasable square feet, for a total purchase price of $156.9M. The REIT has helped finance these acquisitions with $92.9M of equity raised YTD through a combination of common stock and OP unit issuances at an average offering price of $9.84 per share.”

According to TipRanks.com, Maher is a 4-star analyst with an average return of 7.0% and a 53.2% success rate. Maher covers the Financial sector, focusing on stocks such as Industrial Logistics Properties Trust, Senior Housing Properties Trust, and Office Properties Income Trust.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Global Medical REIT with a $12 average price target.

See today’s analyst top recommended stocks >>

Based on Global Medical REIT’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $1.98 million. In comparison, last year the company had a net profit of $1.39 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts