Global Medical REIT (NYSE:XRN) Stock Breaks Below 50-Day Moving Average – Here’s What Happened

Global Medical REIT Inc. (NYSE:XRN) shares crossed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $35.26 and traded as low as $28.63. Global Medical REIT shares last traded at $28.72, with a volume of 251,992 shares.

Analyst Ratings Changes

Several equities analysts have commented on XRN shares. Weiss Ratings raised Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Wall Street Zen cut shares of Global Medical REIT from a “hold” rating to a “sell” rating in a report on Saturday, October 10th. Zacks Research raised shares of Global Medical REIT to a “hold” rating in a research report on Wednesday, July 22nd. Huntington assumed coverage on shares of Global Medical REIT in a research note on Thursday, September 10th. They issued a “market perform” rating and a $37.00 price target for the company. Finally, Cantor Fitzgerald assumed coverage on shares of Global Medical REIT in a research note on Monday, September 21st. They issued an “overweight” rating and a $43.00 price target for the company. Two 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, the company has an average rating of “Hold” and a consensus target price of $40.17.

Global Medical REIT Stock Down 4.2%

The company’s fifty day moving average price is $35.26 and its 200-day moving average price is $35.71. The stock has a market capitalization of $380.25 million, a PE ratio of 7.72 and a beta of 1.12. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.37.

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

Global Medical REIT Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, November 20th will be given a dividend of $0.16 per share. This represents a $1.92 dividend on an annualized basis and a yield of 6.7%. The ex-dividend date of this dividend is Friday, November 20th. Global Medical REIT’s dividend payout ratio (DPR) is 51.61%.

Insider Buying and Selling at Global Medical REIT

In related news, Director Charles Fitzgerald bought 27,600 shares of the company’s stock in a transaction on Monday, August 10th. The shares were acquired at an average cost of $35.94 per share, with a total value of $991,944.00. Following the completion of the acquisition, the director owned 124,893 shares of the company’s stock, valued at $4,488,654.42. The trade was a 28.37% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Okey Decker, Jr. bought 8,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $35.88 per share, for a total transaction of $287,040.00. Following the completion of the purchase, the chief executive officer owned 67,774 shares of the company’s stock, valued at approximately $2,431,731.12. The trade was a 13.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders purchased 71,525 shares of company stock worth $2,579,304. 8.90% of the stock is owned by insiders.

About Global Medical REIT

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.