State of New Jersey Common Pension Fund D Sells 523,201 Shares of Global Medical REIT Inc. $GMRE

State of New Jersey Common Pension Fund D trimmed its position in shares of Global Medical REIT Inc. (NYSE:GMRE) by 82.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 114,550 shares of the company’s stock after selling 523,201 shares during the period. State of New Jersey Common Pension Fund D owned about 0.86% of Global Medical REIT worth $3,861,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Versor Investments LP bought a new position in shares of Global Medical REIT during the third quarter valued at approximately $286,000. Samalin Investment Counsel LLC purchased a new stake in Global Medical REIT in the third quarter worth $273,000. New York State Teachers Retirement System purchased a new stake in Global Medical REIT in the third quarter worth $39,000. Peregrine Capital Management LLC purchased a new stake in shares of Global Medical REIT during the third quarter valued at $4,785,000. Finally, Osaic Holdings Inc. boosted its stake in shares of Global Medical REIT by 61.5% during the second quarter. Osaic Holdings Inc. now owns 57,283 shares of the company’s stock valued at $401,000 after purchasing an additional 21,810 shares during the period. 57.52% of the stock is owned by hedge funds and other institutional investors.

Global Medical REIT Price Performance

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

Global Medical REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Friday, December 19th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 8.4%. The ex-dividend date of this dividend was Friday, December 19th. Global Medical REIT’s dividend payout ratio (DPR) is presently -1,200.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GMRE shares. Robert W. Baird reduced their price target 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 cut Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings raised Global Medical REIT from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $42.00.

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.