Global Medical REIT (NYSE:XRN) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Global Medical REIT (NYSE:XRN) from a sell rating to a hold rating in a research note issued to investors on Saturday,Wall Street Zen reports.

A number of other brokerages have also recently weighed in on XRN. Raymond James Financial assumed coverage on shares of Global Medical REIT in a report on Wednesday, June 17th. They issued a “market perform” rating for the company. Weiss Ratings upgraded shares of Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, August 13th. BMO Capital Markets raised 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 research report on Monday, July 13th. Citizens Jmp boosted their price target on shares of Global Medical REIT from $40.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Tuesday, May 26th. Finally, Huntington started coverage on Global Medical REIT in a research report on Thursday. They set a “market perform” rating and a $37.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $39.60.

Global Medical REIT Stock Performance

NYSE XRN opened at $35.95 on Friday. The company has a market cap of $475.91 million, a P/E ratio of 9.66 and a beta of 1.10. 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 stock has a 50-day moving average of $36.73 and a two-hundred day moving average of $35.97. Global Medical REIT has a 1-year low of $29.05 and a 1-year high of $39.93.

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

Global Medical REIT Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 18th. Stockholders 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 c) dividend on an annualized basis and a dividend yield of 5.3%. Global Medical REIT’s payout ratio is currently 51.61%.

Insider Buying and Selling

In other news, CEO Mark Okey Decker, Jr. purchased 6,875 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was bought at an average price of $35.92 per share, for a total transaction of $246,950.00. Following the completion of the purchase, 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 this link. Also, Director Charles Fitzgerald purchased 14,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were purchased at an average price of $35.78 per share, with a total value of $500,920.00. Following the acquisition, the director directly owned 138,893 shares in the company, valued at $4,969,591.54. This represents a 11.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 71,525 shares of company stock worth $2,579,304. Company insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Global Medical REIT

Institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd increased its holdings 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 buying an additional 721 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Global Medical REIT by 70.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company’s stock valued at $51,000 after buying an additional 3,046 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Global Medical REIT during the 2nd quarter worth about $78,000. Virtus Advisers LLC lifted its holdings in Global Medical REIT by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 2,418 shares of the company’s stock worth $82,000 after buying an additional 768 shares during the last quarter. Finally, State of Wyoming boosted its position in shares of Global Medical REIT by 71.3% during the 2nd quarter. State of Wyoming now owns 12,656 shares of the company’s stock worth $88,000 after acquiring an additional 5,266 shares in the last quarter. 57.52% of the stock is owned by hedge funds and other institutional investors.

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.