Global Medical REIT (NYSE:XRN) Coverage Initiated by Analysts at Raymond James Financial

Analysts at Raymond James Financial initiated coverage on shares of Global Medical REIT (NYSE:XRN) in a research note issued on Wednesday. The brokerage set a “market perform” rating on the stock.

Several other brokerages also recently commented on XRN. Weiss Ratings downgraded Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Wall Street Zen downgraded Global Medical REIT from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. BMO Capital Markets lifted their target price 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. Citizens Jmp lifted their target price on Global Medical REIT from $40.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Tuesday, May 26th. Finally, Compass Point reiterated a “neutral” rating and set a $38.00 target price (down from $50.00) on shares of Global Medical REIT in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Global Medical REIT currently has an average rating of “Hold” and a consensus target price of $40.00.

Global Medical REIT Stock Performance

Shares of NYSE XRN opened at $36.01 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.68. Global Medical REIT has a 12 month low of $29.05 and a 12 month high of $39.93. The stock has a 50 day moving average of $35.48 and a 200-day moving average of $35.17. The company has a market capitalization of $476.54 million, a P/E ratio of -32.44 and a beta of 1.11.

Insiders Place Their Bets

In related news, Director Matthew Cypher acquired 1,420 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $35.12 per share, with a total value of $49,870.40. Following the acquisition, the director directly owned 1,690 shares of the company’s stock, valued at approximately $59,352.80. The trade was a 525.93% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Okey Decker, Jr. bought 5,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were bought at an average price of $33.94 per share, with a total value of $169,700.00. Following the completion of the transaction, the chief executive officer owned 59,774 shares in the company, valued at approximately $2,028,729.56. This trade represents a 9.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 10,974 shares of company stock worth $373,826 over the last three months. 8.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Invesco Ltd. increased its position in shares of Global Medical REIT by 4.2% in the fourth quarter. Invesco Ltd. now owns 310,432 shares of the company’s stock worth $10,474,000 after purchasing an additional 12,471 shares during the period. Mackenzie Financial Corp bought a new position in shares of Global Medical REIT in the fourth quarter worth $563,000. XTX Topco Ltd bought a new position in shares of Global Medical REIT in the fourth quarter worth $515,000. Tudor Investment Corp ET AL bought a new position in shares of Global Medical REIT in the fourth quarter worth $930,000. Finally, Clifford Capital Partners LLC increased its position in shares of Global Medical REIT by 31.3% in the fourth quarter. Clifford Capital Partners LLC now owns 14,694 shares of the company’s stock worth $496,000 after purchasing an additional 3,504 shares during the period. Institutional investors own 57.52% of the company’s stock.

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.