Global Medical REIT (NYSE:XRN) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Global Medical REIT (NYSE:XRN) from a hold rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other analysts also recently weighed in on XRN. Cantor Fitzgerald initiated coverage on Global Medical REIT in a research report on Monday, September 21st. They set an “overweight” rating and a $43.00 target price for the company. Zacks Research upgraded Global Medical REIT to a “hold” rating in a research report on Wednesday, July 22nd. BMO Capital Markets raised their price target on Global Medical REIT from $39.00 to $40.00 and gave the stock a “market perform” rating in a research report on Monday, July 13th. Weiss Ratings raised Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Finally, Raymond James Financial initiated coverage on Global Medical REIT in a research note on Wednesday, June 17th. They issued a “market perform” rating for the company. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Global Medical REIT has an average rating of “Hold” and a consensus target price of $40.17.

Global Medical REIT Stock Down 0.3%

NYSE XRN opened at $33.48 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.37. The company has a market cap of $443.33 million, a price-to-earnings ratio of 9.00 and a beta of 1.12. The company has a 50 day moving average of $35.97 and a 200-day moving average of $35.85. Global Medical REIT has a 1-year low of $29.05 and a 1-year high of $38.65.

Global Medical REIT (NYSE:XRN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $4.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $3.95. Global Medical REIT had a return on equity of 13.31% and a net margin of 36.82%. The business had revenue of $39.75 million for the quarter. On average, equities research analysts expect that Global Medical REIT will post 2.89 earnings per share for the current fiscal year.

Global Medical REIT Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, November 20th will be issued a $0.16 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend is Friday, November 20th. Global Medical REIT’s dividend payout ratio (DPR) is currently 51.61%.

Insider Activity

In other Global Medical REIT news, Director Charles Fitzgerald purchased 27,600 shares of the stock in a transaction dated Monday, August 10th. The stock was bought at an average price of $35.94 per share, with a total value of $991,944.00. Following the acquisition, the director owned 124,893 shares of the company’s stock, valued at approximately $4,488,654.42. This represents a 28.37% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mark Decker, Jr. purchased 8,000 shares of the stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $35.88 per share, with a total value of $287,040.00. Following the acquisition, the chief executive officer directly owned 67,774 shares in the company, valued at $2,431,731.12. This represents a 13.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have acquired 71,525 shares of company stock worth $2,579,304. Insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Global Medical REIT stock. Clifford Capital Partners LLC raised its stake in Global Medical REIT Inc. (NYSE:XRN) by 31.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,694 shares of the company’s stock after acquiring an additional 3,504 shares during the quarter. Clifford Capital Partners LLC owned approximately 0.11% of Global Medical REIT worth $496,000 as of its most recent SEC filing. Institutional investors own 57.52% of the company’s stock.

Global Medical REIT Company Profile

Global Medical REIT Inc was a healthcare-focused real estate investment trust that owned and operated income-producing medical properties. The company primarily invested in outpatient medical office buildings, specialty facilities and other healthcare-related real estate leased to healthcare providers, physician groups and hospital systems.

Its portfolio historically included properties across the United States, with tenants providing services such as primary care, specialty care, diagnostic testing, surgery and rehabilitation.