Global Medical REIT (NYSE:XRN) Upgraded by Wall Street Zen to Hold Rating

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

Separately, Weiss Ratings raised Global Medical REIT from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Global Medical REIT Stock Performance

Shares of XRN stock opened at $33.19 on Friday. The firm’s 50 day moving average price is $35.46 and its 200-day moving average price is $34.14. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.61 and a current ratio of 0.61. Global Medical REIT has a one year low of $29.05 and a one year high of $43.05. The firm has a market cap of $439.10 million, a P/E ratio of -36.88 and a beta of 1.16.

Global Medical REIT Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, June 12th. Shareholders of record on Wednesday, May 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, May 20th. This represents a c) annualized dividend and a yield of 9.0%. Global Medical REIT’s dividend payout ratio is -333.33%.

Hedge Funds Weigh In On Global Medical REIT

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd increased its stake in shares of Global Medical REIT by 1,001.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock worth $27,000 after buying an additional 721 shares during the period. Fifth Third Bancorp purchased a new position in Global Medical REIT in the third quarter worth approximately $35,000. New York State Teachers Retirement System acquired a new position in Global Medical REIT during the 3rd quarter worth approximately $39,000. Virtus Advisers LLC grew 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 acquiring an additional 768 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Global Medical REIT in the 4th quarter valued at approximately $92,000. Hedge funds and other institutional investors own 57.52% of the company’s stock.

Global Medical REIT Company Profile

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.