Global Medical REIT (NYSE:XRN) Coverage Initiated by Analysts at Raymond James Financial

Analysts at Raymond James Financial started coverage on shares of Global Medical REIT (NYSE:XRN) in a research note issued on Wednesday. The firm set a “market perform” rating on the stock.

XRN has been the subject of a number of other reports. Wall Street Zen lowered Global Medical REIT from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings lowered Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Citizens Jmp raised their target price on Global Medical REIT from $40.00 to $42.00 and gave the company a “market outperform” rating in a research note on Tuesday, May 26th. BMO Capital Markets raised their target price on Global Medical REIT from $33.00 to $39.00 and gave the company a “market perform” rating in a research note on Monday, May 18th. Finally, Compass Point restated a “neutral” rating and issued a $38.00 target price (down from $50.00) on shares of Global Medical REIT in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Global Medical REIT presently has an average rating of “Hold” and a consensus price target of $40.00.

Global Medical REIT Stock Performance

Shares of NYSE XRN opened at $36.01 on Wednesday. The business has a fifty day simple moving average of $35.48 and a 200 day simple moving average of $35.17. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $476.54 million, a price-to-earnings ratio of -32.44 and a beta of 1.11. Global Medical REIT has a one year low of $29.05 and a one year high of $39.93.

Insiders Place Their Bets

In other news, Director Paula Crowley bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $34.00 per share, with a total value of $34,000.00. Following the transaction, the director owned 1,000 shares in the company, valued at $34,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Okey Decker, Jr. bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $33.94 per share, for a total transaction of $169,700.00. Following the transaction, the chief executive officer owned 59,774 shares in the company, valued at $2,028,729.56. The trade was a 9.13% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 10,974 shares of company stock worth $373,826 in the last 90 days. Company insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in XRN. Invesco Ltd. increased its position in shares of Global Medical REIT by 30.5% during the 2nd quarter. Invesco Ltd. now owns 1,518,668 shares of the company’s stock worth $10,524,000 after purchasing an additional 355,355 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Global Medical REIT during the 3rd quarter worth approximately $9,997,000. Marshall Wace LLP increased its position in shares of Global Medical REIT by 2,208.2% during the 2nd quarter. Marshall Wace LLP now owns 291,708 shares of the company’s stock worth $2,022,000 after purchasing an additional 279,070 shares during the last quarter. Heartland Advisors Inc. increased its position 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 last quarter. Finally, Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Global Medical REIT during the 3rd quarter worth approximately $7,798,000. Institutional investors and hedge funds own 57.52% of the company’s stock.

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.