Global Medical REIT Inc. (NYSE:XRN) Receives $40.00 Average Price Target from Brokerages

Shares of Global Medical REIT Inc. (NYSE:XRN) have been given a consensus recommendation of “Hold” by the seven brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $40.00.

A number of equities research analysts have commented on XRN shares. Weiss Ratings cut Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Compass Point reissued a “neutral” rating and set a $38.00 price target (down from $50.00) on shares of Global Medical REIT in a report on Thursday, May 7th. BMO Capital Markets raised their price target on Global Medical REIT from $33.00 to $39.00 and gave the company a “market perform” rating in a report on Monday, May 18th. Citizens Jmp raised their price target on Global Medical REIT from $40.00 to $42.00 and gave the company a “market outperform” rating in a report on Tuesday, May 26th. Finally, Wall Street Zen cut Global Medical REIT from a “hold” rating to a “sell” rating in a report on Saturday, May 9th.

Global Medical REIT Price Performance

Shares of Global Medical REIT stock opened at $36.01 on Wednesday. Global Medical REIT has a one year low of $29.05 and a one year high of $39.93. The stock’s fifty day moving average is $35.48 and its 200 day moving average is $35.17. The stock has a market cap of $476.54 million, a P/E ratio of -32.44 and a beta of 1.11. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.68 and a current ratio of 0.68.

Global Medical REIT Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a c) dividend on an annualized basis and a yield of 5.3%. Global Medical REIT’s dividend payout ratio (DPR) is currently -172.97%.

Insider Buying and Selling at Global Medical REIT

In other Global Medical REIT news, General Counsel Jamie Allen Barber purchased 1,481 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $33.50 per share, with a total value of $49,613.50. Following the completion of the acquisition, the general counsel directly owned 1,481 shares in the company, valued at $49,613.50. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mark Okey Decker, Jr. purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $33.94 per share, for a total transaction of $169,700.00. Following the completion of the acquisition, the chief executive officer owned 59,774 shares of the company’s stock, valued at approximately $2,028,729.56. This trade represents a 9.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 10,974 shares of company stock valued at $373,826. 8.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in XRN. Caitong International Asset Management Co. Ltd grew its position 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 valued at $27,000 after purchasing an additional 721 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of Global Medical REIT during the third quarter valued at about $35,000. Tower Research Capital LLC TRC grew its position in shares of Global Medical REIT by 70.3% during the second quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company’s stock valued at $51,000 after purchasing an additional 3,046 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Global Medical REIT during the second quarter valued at about $78,000. Finally, Virtus Advisers LLC grew its position in shares of Global Medical REIT by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 2,418 shares of the company’s stock valued at $82,000 after purchasing an additional 768 shares in the last quarter. 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.