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

Global Medical REIT Inc. (NYSE:XRN) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $40.00.

XRN has been the topic of a number of recent research reports. Raymond James Financial began coverage on shares of Global Medical REIT in a research note on Wednesday, June 17th. They set a “market perform” rating on the stock. BMO Capital Markets lifted their price objective on shares of Global Medical REIT from $33.00 to $39.00 and gave the stock a “market perform” rating in a research note on Monday, May 18th. Weiss Ratings upgraded shares of Global Medical REIT from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. Compass Point restated a “neutral” rating and set a $38.00 target price (down from $50.00) on shares of Global Medical REIT in a research report on Thursday, May 7th. Finally, Wall Street Zen cut shares of Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th.

Global Medical REIT Stock Down 0.6%

Shares of XRN opened at $36.37 on Friday. The stock has a market capitalization of $481.16 million, a price-to-earnings ratio of -32.76 and a beta of 1.10. Global Medical REIT has a 1 year low of $29.05 and a 1 year high of $39.93. The business’s 50 day simple moving average is $35.96 and its 200-day simple moving average is $35.47. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.68 and a quick ratio of 0.68.

Global Medical REIT Dividend Announcement

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

Insider Buying and Selling at Global Medical REIT

In related news, Director Matthew Cypher acquired 1,420 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were acquired at an average cost of $35.12 per share, for a total transaction of $49,870.40. Following the completion of the transaction, the director directly owned 1,690 shares in the company, valued at approximately $59,352.80. This trade represents a 525.93% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Jamie Allen Barber acquired 1,481 shares of the stock in a transaction dated Tuesday, May 12th. The stock was bought at an average cost of $33.50 per share, with a total value of $49,613.50. Following the completion of the purchase, the general counsel directly owned 1,481 shares in the company, valued at approximately $49,613.50. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 10,974 shares of company stock valued at $373,826. Corporate insiders own 8.90% of the company’s stock.

Institutional Trading of Global Medical REIT

Institutional investors have recently bought and sold shares of the stock. Heartland Advisors Inc. increased its position in Global Medical REIT by 177.4% during the fourth quarter. Heartland Advisors Inc. now owns 423,460 shares of the company’s stock valued at $14,288,000 after acquiring an additional 270,786 shares during the last quarter. Pensionfund PDN bought a new stake in shares of Global Medical REIT in the 4th quarter worth about $837,000. Strs Ohio bought a new stake in shares of Global Medical REIT in the 1st quarter worth about $95,000. State of Wyoming boosted its stake 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 purchasing an additional 5,266 shares during the period. Finally, Virtus Advisers LLC boosted its stake in shares of 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 purchasing an additional 768 shares during the period. 57.52% of the stock is currently owned by 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.