Global Medical REIT (NYSE:XRN) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Global Medical REIT (NYSE:XRN) in a research note issued to investors on Monday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $43.00 price objective on the stock.

Other analysts also recently issued reports about the company. Zacks Research upgraded Global Medical REIT to a “hold” rating in a report on Wednesday, July 22nd. Citizens Jmp lifted their target price on 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 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 upgraded Global Medical REIT from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Finally, BMO Capital Markets upped their price target on Global Medical REIT from $39.00 to $40.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. Three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. 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 Price Performance

Global Medical REIT stock opened at $35.78 on Monday. Global Medical REIT has a 1 year low of $29.05 and a 1 year high of $38.65. The firm has a 50 day moving average price of $36.61 and a 200 day moving average price of $35.98. The company has a market cap of $473.73 million, a price-to-earnings ratio of 9.62 and a beta of 1.10. 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 (NYSE:XRN) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $4.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $3.95. The company had revenue of $39.75 million for the quarter. Global Medical REIT had a net margin of 36.82% and a return on equity of 13.31%. Sell-side analysts predict that Global Medical REIT will post 2.89 earnings per share for the current year.

Global Medical REIT Dividend Announcement

The firm also recently declared 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 c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Friday, November 20th. Global Medical REIT’s dividend payout ratio is 51.61%.

Insider Buying and Selling

In related news, CEO Mark Okey Decker, Jr. bought 6,875 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was bought at an average price of $35.92 per share, with a total value of $246,950.00. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles Fitzgerald bought 14,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was bought at an average price of $35.78 per share, with a total value of $500,920.00. Following the purchase, the director owned 138,893 shares of the company’s stock, valued at approximately $4,969,591.54. This represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders acquired 71,525 shares of company stock valued at $2,579,304. Company insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Global Medical REIT

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new stake in Global Medical REIT in the fourth quarter valued at approximately $92,000. Clifford Capital Partners LLC boosted its stake in shares of Global Medical REIT by 31.3% in the fourth quarter. Clifford Capital Partners LLC now owns 14,694 shares of the company’s stock valued at $496,000 after purchasing an additional 3,504 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in shares of Global Medical REIT by 11.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 19,600 shares of the company’s stock valued at $661,000 after purchasing an additional 2,000 shares during the period. Finally, Heartland Advisors Inc. grew its holdings in Global Medical REIT by 177.4% during the 4th quarter. Heartland Advisors Inc. now owns 423,460 shares of the company’s stock valued at $14,288,000 after purchasing an additional 270,786 shares in the last quarter. 57.52% of the stock is owned by institutional investors and hedge funds.

Global Medical REIT Company Profile

Global Medical REIT Inc is a healthcare-focused real estate investment trust that acquires, owns and manages medical office buildings and other healthcare-related properties. Its portfolio has primarily included outpatient facilities leased to physician groups, specialty medical providers and healthcare systems.

The company generally operates under long-term, often triple-net leases, under which tenants are responsible for many property-level expenses such as taxes, insurance and maintenance.