Global Medical REIT (NYSE:XRN) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of Global Medical REIT (NYSE:XRN) from a hold rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

Several other research firms also recently commented on XRN. Cantor Fitzgerald initiated coverage on shares of Global Medical REIT in a report on Monday, September 21st. They issued an “overweight” rating and a $43.00 price objective for the company. Zacks Research raised shares of Global Medical REIT to a “hold” rating in a report on Wednesday, July 22nd. Raymond James Financial began coverage on Global Medical REIT in a research report on Wednesday, June 17th. They set a “market perform” rating on the stock. Huntington initiated coverage on Global Medical REIT in a report on Thursday, September 10th. They issued a “market perform” rating and a $37.00 price target for the company. Finally, Weiss Ratings upgraded Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $40.17.

Global Medical REIT Trading Down 1.3%

Shares of Global Medical REIT stock opened at $33.64 on Friday. Global Medical REIT has a 52-week low of $29.05 and a 52-week high of $38.65. The stock’s 50-day simple moving average is $36.01 and its 200 day simple moving average is $35.87. The stock has a market capitalization of $445.39 million, a P/E ratio of 9.04 and a beta of 1.12. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.59 and a current ratio of 0.59.

Global Medical REIT (NYSE:XRN) last issued its earnings results on Wednesday, August 5th. The company reported $4.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $3.95. The firm had revenue of $39.75 million during the quarter. Global Medical REIT had a net margin of 36.82% and a return on equity of 13.31%. As a group, research analysts anticipate that Global Medical REIT will post 2.89 EPS for the current year.

Global Medical REIT Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, November 20th will be paid a $0.16 dividend. The ex-dividend date is Friday, November 20th. This represents a $1.92 annualized dividend and a yield of 5.7%. Global Medical REIT’s dividend payout ratio is currently 51.61%.

Insiders Place Their Bets

In other news, COO Aaron Roseth purchased 13,500 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was purchased at an average cost of $36.73 per share, with a total value of $495,855.00. Following the acquisition, the chief operating officer directly owned 13,500 shares in the company, valued at approximately $495,855. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Decker, Jr. purchased 6,875 shares of Global Medical REIT stock in a transaction dated Tuesday, August 11th. The shares were purchased at an average price of $35.92 per share, with a total value of $246,950.00. Following the completion of the transaction, the chief executive officer directly owned 75,199 shares in the company, valued at approximately $2,701,148.08. This represents a 10.06% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 71,525 shares of company stock worth $2,579,304 in the last three months. 8.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Global Medical REIT

An institutional investor recently raised its position in Global Medical REIT stock. Clifford Capital Partners LLC boosted its holdings in Global Medical REIT Inc. (NYSE:XRN) by 31.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,694 shares of the company’s stock after acquiring an additional 3,504 shares during the quarter. Clifford Capital Partners LLC owned 0.11% of Global Medical REIT worth $496,000 at the end of the most recent reporting period. Institutional investors own 57.52% of the company’s stock.

Global Medical REIT Company Profile

Global Medical REIT Inc was a healthcare-focused real estate investment trust that owned and operated income-producing medical properties. The company primarily invested in outpatient medical office buildings, specialty facilities and other healthcare-related real estate leased to healthcare providers, physician groups and hospital systems.

Its portfolio historically included properties across the United States, with tenants providing services such as primary care, specialty care, diagnostic testing, surgery and rehabilitation.