Global Medical REIT Inc. (NYSE:XRN) Receives $39.67 Average Target Price from Analysts

Global Medical REIT Inc. (NYSE:XRN) has received a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $39.50.

Several research analysts have recently commented on the stock. BMO Capital Markets lifted their price target on shares of Global Medical REIT from $33.00 to $39.00 and gave the company a “market perform” rating in a report on Monday. Wall Street Zen lowered shares of Global Medical REIT from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. 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 report on Thursday, May 7th. Finally, Weiss Ratings lowered shares of Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th.

Global Medical REIT Trading Up 5.4%

NYSE XRN opened at $36.21 on Friday. Global Medical REIT has a one year low of $29.05 and a one year high of $39.93. The company has a 50-day simple moving average of $34.87 and a 200-day simple moving average of $34.56. 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 firm has a market capitalization of $478.99 million, a PE ratio of -32.62 and a beta of 1.11.

Global Medical REIT Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, August 20th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a c) annualized dividend and a dividend yield of 5.3%. Global Medical REIT’s payout ratio is -270.27%.

Insiders Place Their Bets

In other news, General Counsel Jamie Allen Barber acquired 1,481 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average cost of $33.50 per share, for a total transaction of $49,613.50. Following the transaction, the general counsel directly owned 1,481 shares in the company, valued at $49,613.50. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Okey Decker, Jr. acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $33.94 per share, for a total transaction of $169,700.00. Following the completion of the transaction, the chief executive officer owned 59,774 shares in the company, valued at $2,028,729.56. The trade was a 9.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 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

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its position in Global Medical REIT by 1,001.4% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock valued at $27,000 after purchasing an additional 721 shares during the last quarter. Fifth Third Bancorp bought a new stake in Global Medical REIT in the 3rd quarter valued at about $35,000. New York State Teachers Retirement System bought a new stake in Global Medical REIT in the 3rd quarter valued at about $39,000. Virtus Advisers LLC lifted its position in Global Medical REIT by 46.5% in the 4th quarter. Virtus Advisers LLC now owns 2,418 shares of the company’s stock valued at $82,000 after purchasing an additional 768 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Global Medical REIT in the 4th quarter valued at about $92,000. 57.52% of the stock is currently owned by institutional investors.

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.