Global Medical REIT Inc. (NYSE:XRN) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Global Medical REIT Inc. (NYSE:XRN) have earned a consensus rating of “Hold” from the seven research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $39.50.

Several brokerages recently weighed in on XRN. Wall Street Zen cut Global Medical REIT from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings cut Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. BMO Capital Markets upped their price target on Global Medical REIT from $33.00 to $39.00 and gave the stock a “market perform” rating in a research note on Monday, May 18th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $38.00 price target (down from $50.00) on shares of Global Medical REIT in a research note on Thursday, May 7th.

Insider Buying and Selling

In other news, Director Paula Crowley purchased 1,000 shares of Global Medical REIT stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $34.00 per share, with a total value of $34,000.00. Following the completion of the purchase, the director directly owned 1,000 shares in the company, valued at approximately $34,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Okey Decker, Jr. purchased 5,000 shares of Global Medical REIT stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $33.94 per share, for a total transaction of $169,700.00. Following the completion of the purchase, the chief executive officer owned 59,774 shares of the company’s stock, valued at $2,028,729.56. This trade represents a 9.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 10,974 shares of company stock valued at $373,826 over the last 90 days. 8.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Global Medical REIT

Hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd boosted its holdings in Global Medical REIT by 1,001.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock worth $27,000 after acquiring an additional 721 shares in the last quarter. Fifth Third Bancorp bought a new stake in Global Medical REIT in the third quarter worth $35,000. New York State Teachers Retirement System bought a new stake in Global Medical REIT in the third quarter worth $39,000. Tower Research Capital LLC TRC boosted its holdings in Global Medical REIT by 70.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company’s stock worth $51,000 after acquiring an additional 3,046 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Global Medical REIT in the second quarter worth $78,000. 57.52% of the stock is owned by institutional investors.

Global Medical REIT Price Performance

XRN opened at $37.42 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.68 and a current ratio of 0.68. Global Medical REIT has a 52-week low of $29.05 and a 52-week high of $39.93. The stock has a market capitalization of $495.25 million, a PE ratio of -33.71 and a beta of 1.11. The stock’s 50 day moving average price is $34.93 and its 200-day moving average price is $34.63.

Global Medical REIT Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, August 20th will be paid a $0.16 dividend. This represents a c) annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Thursday, August 20th. Global Medical REIT’s dividend payout ratio is presently -172.97%.

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.