Cantor Fitzgerald Begins Coverage on Global Medical REIT (NYSE:XRN)

Analysts at Cantor Fitzgerald assumed coverage on shares of Global Medical REIT (NYSE:XRN) in a research report issued on Monday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $43.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 17.74% from the stock’s previous close.

A number of other brokerages have also weighed in on XRN. Huntington assumed coverage on shares of Global Medical REIT in a research note on Thursday, September 10th. They issued a “market perform” rating and a $37.00 price target for the company. Zacks Research upgraded shares of Global Medical REIT to a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen raised Global Medical REIT from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Raymond James Financial started coverage on Global Medical REIT in a research report on Wednesday, June 17th. They issued a “market perform” rating for the company. Finally, BMO Capital Markets increased their price target on Global Medical REIT from $39.00 to $40.00 and gave the company a “market perform” rating in a research note on Monday, July 13th. Three investment 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 a consensus rating of “Hold” and a consensus target price of $40.17.

Global Medical REIT Price Performance

Shares of NYSE XRN opened at $36.52 on Monday. Global Medical REIT has a fifty-two week low of $29.05 and a fifty-two week high of $38.65. The firm’s 50-day simple moving average is $36.63 and its 200 day simple moving average is $35.98. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.37. The stock has a market cap of $483.55 million, a P/E ratio of 9.82 and a beta of 1.10.

Global Medical REIT (NYSE:XRN) last announced its earnings results on Wednesday, August 5th. The company reported $4.78 earnings per share (EPS) for the quarter, beating 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%. Equities analysts expect that Global Medical REIT will post 2.89 EPS for the current year.

Insider Activity

In related news, COO Aaron Roseth purchased 13,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was acquired at an average price of $36.73 per share, for a total transaction of $495,855.00. Following the transaction, the chief operating officer directly owned 13,500 shares of the company’s stock, valued at $495,855. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Mark Decker, Jr. purchased 6,875 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was bought at an average cost of $35.92 per share, for a total transaction of $246,950.00. Following the purchase, the chief executive officer directly owned 75,199 shares in the company, valued at $2,701,148.08. This represents a 10.06% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 71,525 shares of company stock valued at $2,579,304 over the last three months. Insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Heartland Advisors Inc. boosted its stake in Global Medical REIT by 177.4% in 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. Clifford Capital Partners LLC grew its position in Global Medical REIT by 31.3% during the 4th quarter. Clifford Capital Partners LLC now owns 14,694 shares of the company’s stock worth $496,000 after purchasing an additional 3,504 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Global Medical REIT by 11.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 19,600 shares of the company’s stock valued at $661,000 after purchasing an additional 2,000 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Global Medical REIT during the 4th quarter valued at $92,000. 57.52% of the stock is owned by hedge funds and other institutional investors.

About Global Medical REIT

Global Medical REIT Inc is a healthcare-focused real estate investment trust that acquires, owns and manages medical office buildings and other healthcare-related properties. Its portfolio has primarily included outpatient facilities leased to physician groups, specialty medical providers and healthcare systems.

The company generally operates under long-term, often triple-net leases, under which tenants are responsible for many property-level expenses such as taxes, insurance and maintenance.