Global Medical REIT (NYSE:XRN) Announces Quarterly Earnings Results, Misses Estimates By $1.22 EPS

Global Medical REIT (NYSE:XRN) announced its quarterly earnings results on Wednesday. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($1.22), FiscalAI reports. Global Medical REIT had a net margin of 36.80% and a return on equity of 13.65%. The business had revenue of $40.34 million for the quarter.

Global Medical REIT Stock Down 1.6%

NYSE XRN traded down $0.46 on Friday, reaching $29.25. The company had a trading volume of 37,587 shares, compared to its average volume of 125,120. The firm has a market capitalization of $387.26 million, a PE ratio of 8.36 and a beta of 1.10. Global Medical REIT has a 1 year low of $28.09 and a 1 year high of $38.65. The firm has a 50-day moving average of $33.74 and a 200-day moving average of $35.34. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.59.

Global Medical REIT Announces Dividend

The business also recently declared 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 of this dividend is Friday, November 20th. This represents a $1.92 annualized dividend and a yield of 6.6%. Global Medical REIT’s payout ratio is 51.61%.

Insider Buying and Selling at Global Medical REIT

In other news, CEO Mark Decker, Jr. acquired 6,875 shares of the stock in a transaction on Tuesday, August 11th. The stock was bought 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 of the company’s stock, valued at $2,701,148.08. The trade was a 10.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Aaron Roseth acquired 13,500 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average price of $36.73 per share, for a total transaction of $495,855.00. Following the purchase, the chief operating officer directly owned 13,500 shares of the company’s stock, valued at approximately $495,855. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 71,525 shares of company stock valued at $2,579,304 over the last 90 days. 8.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on XRN shares. Huntington started coverage on shares of Global Medical REIT in a research report on Wednesday. They issued a “hold” rating for the company. BMO Capital Markets lifted their target price 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. Cantor Fitzgerald assumed coverage on shares of Global Medical REIT in a research report on Monday, September 21st. They set an “overweight” rating and a $43.00 price target for the company. 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. Finally, Weiss Ratings upgraded Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $40.17.

Global Medical REIT Company Profile

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.