Global Medical REIT (NYSE:XRN) Stock Price Passes Above 50-Day Moving Average – Should You Sell?

Global Medical REIT Inc. (NYSE:XRN) shares crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $35.84 and traded as high as $38.65. Global Medical REIT shares last traded at $37.9210, with a volume of 70,583 shares traded.

Analysts Set New Price Targets

A number of brokerages recently commented on XRN. Wall Street Zen cut Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Raymond James Financial assumed coverage on shares of Global Medical REIT in a research note on Wednesday, June 17th. They set a “market perform” rating on the stock. Citizens Jmp raised their target price on shares of Global Medical REIT from $40.00 to $42.00 and gave the company a “market outperform” rating in a report on Tuesday, May 26th. Weiss Ratings cut shares of Global Medical REIT from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Finally, Compass Point reaffirmed 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. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Global Medical REIT currently has an average rating of “Hold” and a consensus price target of $40.00.

Global Medical REIT Stock Performance

The company has a 50 day moving average price of $35.84 and a 200-day moving average price of $35.42. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.68. The company has a market cap of $501.69 million, a P/E ratio of -34.16 and a beta of 1.10.

Global Medical REIT Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be given a $0.16 dividend. This represents a c) dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Thursday, August 20th. Global Medical REIT’s payout ratio is currently -172.97%.

Insider Transactions at Global Medical REIT

In related news, CEO Mark Okey Decker, Jr. purchased 5,000 shares of Global Medical REIT stock in a transaction dated Tuesday, May 12th. The shares were bought at an average cost of $33.94 per share, for a total transaction of $169,700.00. Following the purchase, the chief executive officer owned 59,774 shares in the company, valued at approximately $2,028,729.56. This trade represents a 9.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paula Crowley purchased 1,000 shares of Global Medical REIT stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $34.00 per share, for a total transaction of $34,000.00. Following the completion of the purchase, the director owned 1,000 shares in the company, valued at $34,000. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 10,974 shares of company stock valued at $373,826. Company insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Global Medical REIT

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP grew its stake in shares of Global Medical REIT by 0.8% during the fourth quarter. Marshall Wace LLP now owns 38,244 shares of the company’s stock worth $1,290,000 after buying an additional 308 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Global Medical REIT by 7.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 4,827 shares of the company’s stock valued at $163,000 after acquiring an additional 332 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Global Medical REIT by 35.3% in the 4th quarter. Fifth Third Bancorp now owns 1,417 shares of the company’s stock valued at $48,000 after acquiring an additional 370 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Global Medical REIT by 1,001.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock valued at $27,000 after acquiring an additional 721 shares in the last quarter. Finally, Virtus Advisers LLC boosted its holdings 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 valued at $82,000 after acquiring an additional 768 shares in the last quarter. 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.