Global Medical REIT (NYSE:XRN) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Global Medical REIT (NYSE:XRN) to a hold rating in a report released on Wednesday,Zacks.com reports.

A number of other equities analysts have also issued reports on XRN. Wall Street Zen lowered shares of Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. BMO Capital Markets upped their price target on shares of Global Medical REIT from $39.00 to $40.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Raymond James Financial started coverage on shares of Global Medical REIT in a research note on Wednesday, June 17th. They set a “market perform” rating for the company. Weiss Ratings upgraded shares of Global Medical REIT from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, July 6th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $38.00 target price (down from $50.00) on shares of Global Medical REIT in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $40.25.

Global Medical REIT Stock Up 0.5%

Global Medical REIT stock opened at $37.31 on Wednesday. The stock has a 50-day simple moving average of $36.53 and a 200-day simple moving average of $35.73. The company has a market capitalization of $493.84 million, a P/E ratio of -33.62 and a beta of 1.10. 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 fifty-two week low of $29.05 and a fifty-two week high of $39.93.

Global Medical REIT Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, September 18th. Shareholders 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 payout ratio is currently -172.97%.

Insider Activity at Global Medical REIT

In other news, COO Danica Holley acquired 1,490 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was bought at an average price of $33.99 per share, for a total transaction of $50,645.10. Following the transaction, the chief operating officer owned 1,590 shares in the company, valued at $54,044.10. This represents a 1,490.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mark Okey Decker, Jr. bought 5,000 shares of Global Medical REIT stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average price of $33.94 per share, with a total value of $169,700.00. Following the purchase, the chief executive officer directly 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 have bought 10,974 shares of company stock worth $373,826 in the last 90 days. Corporate insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Global Medical REIT

Large investors have recently modified their holdings of the business. Heartland Advisors Inc. grew its stake in shares of Global Medical REIT by 177.4% during the 4th quarter. Heartland Advisors Inc. now owns 423,460 shares of the company’s stock worth $14,288,000 after purchasing an additional 270,786 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in Global Medical REIT by 11.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 19,600 shares of the company’s stock worth $661,000 after buying an additional 2,000 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Global Medical REIT during the fourth quarter worth about $92,000. Arrow Investment Advisors LLC grew its position in Global Medical REIT by 339.7% during the fourth quarter. Arrow Investment Advisors LLC now owns 28,028 shares of the company’s stock worth $946,000 after buying an additional 21,654 shares during the period. Finally, Ballentine Partners LLC purchased a new position in Global Medical REIT in the fourth quarter valued at about $326,000. 57.52% of the stock is owned by hedge funds and other institutional investors.

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.