Global Medical REIT Inc. (NYSE:XRN) Given Average Recommendation of “Hold” by Brokerages

Shares of Global Medical REIT Inc. (NYSE:XRN) have been assigned a consensus recommendation of “Hold” from the eight ratings firms that are covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $40.25.

Several analysts recently commented on XRN shares. Raymond James Financial began coverage on Global Medical REIT in a research note on Wednesday, June 17th. They issued a “market perform” rating on the stock. BMO Capital Markets lifted 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 report on Monday, July 13th. Zacks Research raised shares of Global Medical REIT to a “hold” rating in a report on Wednesday, July 22nd. Wall Street Zen lowered Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Compass Point reiterated a “neutral” rating and issued a $38.00 price objective (down from $50.00) on shares of Global Medical REIT in a research report on Thursday, May 7th.

Insider Activity at Global Medical REIT

In other news, CEO Mark Okey Decker, Jr. bought 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $33.94 per share, for a total transaction of $169,700.00. Following the purchase, the chief executive officer owned 59,774 shares of the company’s stock, valued at approximately $2,028,729.56. The trade was a 9.13% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Danica Holley acquired 1,490 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $33.99 per share, with a total value of $50,645.10. Following the acquisition, the chief operating officer directly 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 SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 10,974 shares of company stock worth $373,826. Insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Global Medical REIT

Several hedge funds have recently added to or reduced their stakes in XRN. Marshall Wace LLP lifted its holdings in Global Medical REIT by 0.8% during the 4th quarter. Marshall Wace LLP now owns 38,244 shares of the company’s stock worth $1,290,000 after purchasing an additional 308 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Global Medical REIT by 7.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 4,827 shares of the company’s stock worth $163,000 after purchasing an additional 332 shares during the period. Fifth Third Bancorp raised its stake in Global Medical REIT by 35.3% in the fourth quarter. Fifth Third Bancorp now owns 1,417 shares of the company’s stock valued at $48,000 after purchasing an additional 370 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Global Medical REIT by 1,001.4% in the third 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 in the last quarter. Finally, Virtus Advisers LLC lifted its position in Global Medical REIT by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 2,418 shares of the company’s stock worth $82,000 after purchasing an additional 768 shares during the period. Institutional investors and hedge funds own 57.52% of the company’s stock.

Global Medical REIT Price Performance

Shares of Global Medical REIT stock opened at $36.94 on Thursday. The firm has a market cap of $488.90 million, a P/E ratio of -33.28 and a beta of 1.10. The firm’s 50-day simple moving average is $36.75 and its 200-day simple moving average is $35.80. Global Medical REIT has a twelve month low of $29.05 and a twelve month high of $39.93. 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 Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, August 20th will be paid a $0.16 dividend. This represents a c) annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Thursday, August 20th. Global Medical REIT’s dividend payout ratio (DPR) is -172.97%.

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.