Global Medical REIT (NYSE:XRN) Given New $39.00 Price Target at BMO Capital Markets

Global Medical REIT (NYSE:XRN) had its price objective lifted by BMO Capital Markets from $33.00 to $39.00 in a report released on Monday,Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 15.50% from the company’s current price.

XRN has been the topic of a number of other research reports. Weiss Ratings downgraded Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Compass Point reaffirmed a “neutral” rating and set a $38.00 target price (down from $50.00) on shares of Global Medical REIT in a report on Thursday, May 7th. Finally, Wall Street Zen downgraded Global Medical REIT from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Global Medical REIT currently has an average rating of “Hold” and a consensus target price of $39.50.

Global Medical REIT Stock Up 0.7%

Shares of XRN stock traded up $0.24 during trading hours on Monday, hitting $33.77. 88,940 shares of the company were exchanged, compared to its average volume of 120,808. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.68 and a current ratio of 0.68. The business’s 50-day simple moving average is $34.93 and its two-hundred day simple moving average is $34.48. Global Medical REIT has a one year low of $29.05 and a one year high of $39.93. The stock has a market capitalization of $446.71 million, a price-to-earnings ratio of -30.42 and a beta of 1.11.

Insider Buying and Selling at Global Medical REIT

In related news, CEO Mark Okey Decker, Jr. purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $33.94 per share, for a total transaction of $169,700.00. Following the transaction, 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. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Jamie Allen Barber purchased 1,481 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were bought at an average price of $33.50 per share, for a total transaction of $49,613.50. Following the completion of the transaction, the general counsel directly owned 1,481 shares in the company, valued at approximately $49,613.50. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 10,974 shares of company stock worth $373,826. Corporate insiders own 8.90% of the company’s stock.

Institutional Trading of Global Medical REIT

Institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd raised its position in shares of Global Medical REIT by 1,001.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock worth $27,000 after purchasing an additional 721 shares during the period. Fifth Third Bancorp acquired a new stake in shares of Global Medical REIT in the third quarter valued at approximately $35,000. New York State Teachers Retirement System acquired a new stake in shares of Global Medical REIT in the third quarter valued at approximately $39,000. Tower Research Capital LLC TRC increased its stake in shares of 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 valued at $51,000 after purchasing an additional 3,046 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Global Medical REIT in the second quarter valued at approximately $78,000. 57.52% of the stock is currently owned by institutional investors and hedge funds.

About Global Medical REIT

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.