Global Medical REIT (NYSE:XRN) Announces Quarterly Earnings Results, Misses Estimates By $1.22 EPS

Global Medical REIT (NYSE:XRN) announced its quarterly earnings data on Wednesday. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of $0.55 by ($1.22), FiscalAI reports. Global Medical REIT had a net margin of 36.82% and a return on equity of 13.31%. The company had revenue of $40.34 million for the quarter.

Global Medical REIT Price Performance

NYSE:XRN traded down $1.75 during mid-day trading on Thursday, reaching $29.88. The stock had a trading volume of 176,049 shares, compared to its average volume of 125,541. The firm has a 50 day moving average price of $33.89 and a two-hundred day moving average price of $35.37. The stock has a market capitalization of $395.64 million, a P/E ratio of 8.03 and a beta of 1.10. Global Medical REIT has a one year low of $28.09 and a one year high of $38.65. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.59 and a current ratio of 0.59.

Global Medical REIT Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, November 20th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 20th. This represents a $1.92 dividend on an annualized basis and a yield of 6.4%. Global Medical REIT’s dividend payout ratio (DPR) is presently 51.61%.

Analyst Ratings Changes

XRN has been the subject of a number of recent research reports. Cantor Fitzgerald assumed coverage on Global Medical REIT in a research report on Monday, September 21st. They issued an “overweight” rating and a $43.00 target price for the company. Zacks Research raised shares of Global Medical REIT to a “hold” rating in a report on Wednesday, July 22nd. Wall Street Zen downgraded Global Medical REIT from a “hold” rating to a “sell” rating in a research report on Saturday, October 10th. BMO Capital Markets lifted their price objective on Global Medical REIT from $39.00 to $40.00 and gave the company a “market perform” rating in a research note on Monday, July 13th. Finally, Huntington started coverage on Global Medical REIT in a research report on Thursday, September 10th. They set a “market perform” rating and a $37.00 target price for the company. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $40.17.

Insiders Place Their Bets

In other Global Medical REIT news, Director Charles Fitzgerald purchased 14,000 shares of Global Medical REIT stock in a transaction on Tuesday, August 11th. The shares were acquired at an average cost of $35.78 per share, for a total transaction of $500,920.00. Following the completion of the transaction, the director directly owned 138,893 shares of the company’s stock, valued at approximately $4,969,591.54. The trade was a 11.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Mark Decker, Jr. purchased 6,875 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were acquired at an average cost of $35.92 per share, for a total transaction of $246,950.00. Following the completion of the purchase, the chief executive officer directly owned 75,199 shares of the company’s stock, valued at approximately $2,701,148.08. This represents a 10.06% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 71,525 shares of company stock valued at $2,579,304 over the last quarter. 8.90% of the stock is owned by corporate insiders.

About Global Medical REIT

Global Medical REIT, Inc is a real estate investment trust focused on owning and operating healthcare facilities in the United States. The company primarily invests in medical office buildings and other outpatient healthcare properties that are leased to physician groups, regional and national healthcare systems, and other healthcare providers.

Its portfolio is generally supported by long-term, often triple-net leases, under which tenants typically pay property taxes, insurance, and maintenance expenses in addition to rent.