Global Medical REIT (NYSE:XRN) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

Global Medical REIT Inc. (NYSE:XRN) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $35.28 and traded as high as $35.80. Global Medical REIT shares last traded at $35.0350, with a volume of 52,258 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently weighed in on XRN. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Global Medical REIT in a research note on Monday, April 20th. Wall Street Zen raised shares of Global Medical REIT from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.50.

Global Medical REIT Price Performance

The firm has a market cap of $463.69 million, a P/E ratio of -38.93 and a beta of 1.16. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.61 and a quick ratio of 0.61. The firm’s 50 day moving average is $35.28 and its 200 day moving average is $34.30.

Global Medical REIT Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, June 12th. Shareholders of record on Wednesday, May 20th will be issued a $0.25 dividend. This represents a c) dividend on an annualized basis and a yield of 8.6%. The ex-dividend date is Wednesday, May 20th. Global Medical REIT’s dividend payout ratio is -333.33%.

Institutional Investors Weigh In On Global Medical REIT

A number of hedge funds and other institutional investors have recently bought and sold shares of XRN. AQR Capital Management LLC grew its holdings in Global Medical REIT by 9.5% in the first quarter. AQR Capital Management LLC now owns 58,538 shares of the company’s stock worth $512,000 after purchasing an additional 5,062 shares during the period. Jones Financial Companies Lllp grew its holdings in Global Medical REIT by 23,920.0% in the first quarter. Jones Financial Companies Lllp now owns 24,020 shares of the company’s stock worth $210,000 after purchasing an additional 23,920 shares during the period. Goldman Sachs Group Inc. grew its holdings in Global Medical REIT by 13.2% in the first quarter. Goldman Sachs Group Inc. now owns 388,605 shares of the company’s stock worth $3,400,000 after purchasing an additional 45,243 shares during the period. Strs Ohio purchased a new stake in Global Medical REIT in the first quarter worth about $95,000. Finally, Envestnet Asset Management Inc. grew its holdings in Global Medical REIT by 39.5% in the second quarter. Envestnet Asset Management Inc. now owns 26,617 shares of the company’s stock worth $184,000 after purchasing an additional 7,536 shares during the period. Hedge funds and other institutional investors own 57.52% of the company’s stock.

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.