Global Medical REIT (NYSE:XRN) Posts Quarterly Earnings Results

Global Medical REIT (NYSE:XRN) issued its earnings results on Wednesday. The company reported ($0.67) EPS for the quarter, FiscalAI reports. The business had revenue of $40.34 million for the quarter. Global Medical REIT had a net margin of 36.82% and a return on equity of 13.31%.

Global Medical REIT Stock Up 4.2%

Shares of NYSE:XRN traded up $1.27 during trading on Wednesday, hitting $31.65. 147,363 shares of the company’s stock traded hands, compared to its average volume of 125,300. Global Medical REIT has a 52 week low of $28.09 and a 52 week high of $38.65. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.37. The company has a market cap of $419.05 million, a price-to-earnings ratio of 8.51 and a beta of 1.10. The company has a 50-day moving average price of $34.01 and a 200-day moving average price of $35.39.

Global Medical REIT Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, November 20th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 6.1%. Global Medical REIT’s dividend payout ratio (DPR) is currently 51.61%.

Insider Buying and Selling

In other Global Medical REIT news, Director Charles Fitzgerald bought 14,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average cost of $35.78 per share, with a total value of $500,920.00. Following the purchase, the director owned 138,893 shares in the company, valued at $4,969,591.54. This trade represents a 11.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Aaron Roseth bought 13,500 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $36.73 per share, for a total transaction of $495,855.00. Following the completion of the acquisition, the chief operating officer directly owned 13,500 shares in the company, valued at approximately $495,855. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 71,525 shares of company stock valued at $2,579,304. 8.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on XRN. Huntington assumed coverage on Global Medical REIT in a research note on Thursday, September 10th. They set a “market perform” rating and a $37.00 price objective for the company. Zacks Research raised Global Medical REIT to a “hold” rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Cantor Fitzgerald started coverage on Global Medical REIT in a research report on Monday, September 21st. They set an “overweight” rating and a $43.00 target price for the company. Finally, Wall Street Zen cut Global Medical REIT from a “hold” rating to a “sell” rating in a research note on Saturday, October 10th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $40.17.

About Global Medical REIT

Global Medical REIT, Inc is a real estate investment trust focused on owning and operating healthcare facilities in the United States. The company primarily invests in medical office buildings and other outpatient healthcare properties that are leased to physician groups, regional and national healthcare systems, and other healthcare providers.

Its portfolio is generally supported by long-term, often triple-net leases, under which tenants typically pay property taxes, insurance, and maintenance expenses in addition to rent.