Global Medical REIT (NYSE:XRN) Share Price Breaks Below 50 Day Moving Average – Here’s What Happened

Global Medical REIT Inc. (NYSE:XRN) shares crossed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $35.26 and traded as low as $28.63. Global Medical REIT shares last traded at $28.72, with a volume of 251,992 shares changing hands.

Analyst Ratings Changes

A number of analysts recently commented on XRN shares. BMO Capital Markets raised their price target on Global Medical REIT from $39.00 to $40.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. Weiss Ratings raised shares of Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Zacks Research upgraded shares of Global Medical REIT to a “hold” rating in a report on Wednesday, July 22nd. Cantor Fitzgerald assumed coverage on shares of Global Medical REIT in a research report on Monday, September 21st. They issued an “overweight” rating and a $43.00 target price for the company. Finally, Wall Street Zen cut shares of Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, October 10th. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $40.17.

Global Medical REIT Stock Down 0.8%

The company has a market cap of $396.21 million, a P/E ratio of 8.05 and a beta of 1.12. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.59. The company’s 50-day moving average is $35.13 and its two-hundred day moving average is $35.69.

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

Global Medical REIT Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, November 20th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 20th. This represents a $1.92 annualized dividend and a dividend yield of 6.4%. Global Medical REIT’s dividend payout ratio (DPR) is currently 51.61%.

Insider Activity at Global Medical REIT

In related news, Director Charles Fitzgerald acquired 14,000 shares of Global Medical REIT stock in a transaction dated Tuesday, August 11th. The shares were purchased at an average price of $35.78 per share, for a total transaction of $500,920.00. Following the completion of the transaction, the director directly owned 138,893 shares in the company, valued at approximately $4,969,591.54. This represents a 11.21% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Aaron Roseth purchased 13,500 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was bought at an average price of $36.73 per share, for a total transaction of $495,855.00. Following the purchase, the chief operating officer owned 13,500 shares in the company, valued at approximately $495,855. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 71,525 shares of company stock valued at $2,579,304. 8.90% of the stock is owned by company insiders.

About Global Medical REIT

Global Medical REIT, Inc is a real estate investment trust focused on owning and operating healthcare facilities in the United States. The company primarily invests in medical office buildings and other outpatient healthcare properties that are leased to physician groups, regional and national healthcare systems, and other healthcare providers.

Its portfolio is generally supported by long-term, often triple-net leases, under which tenants typically pay property taxes, insurance, and maintenance expenses in addition to rent.