Global Medical REIT Inc. (NYSE:XRN) Receives $40.50 Average Price Target from Analysts

Shares of Global Medical REIT Inc. (NYSE:XRN) have been assigned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $40.50.

XRN has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Global Medical REIT in a report on Monday. Wall Street Zen upgraded shares of Global Medical REIT from a “sell” rating to a “hold” rating in a report on Saturday, April 4th.

Global Medical REIT Stock Up 0.9%

Shares of NYSE XRN opened at $35.15 on Tuesday. The stock has a market cap of $464.98 million, a P/E ratio of -39.05 and a beta of 1.16. The firm has a 50 day moving average price of $35.34 and a 200 day moving average price of $34.16. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.61 and a current ratio of 0.61. Global Medical REIT has a 52-week low of $29.05 and a 52-week high of $39.93.

Global Medical REIT Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, June 12th. Investors of record on Wednesday, May 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, May 20th. This represents a c) dividend on an annualized basis and a yield of 8.5%. Global Medical REIT’s payout ratio is currently -333.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Global Medical REIT by 1,001.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock valued at $27,000 after buying an additional 721 shares during the period. Fifth Third Bancorp acquired a new position in shares of Global Medical REIT in the third quarter valued at approximately $35,000. New York State Teachers Retirement System acquired a new position in shares of Global Medical REIT in the third quarter valued at approximately $39,000. Tower Research Capital LLC TRC boosted its holdings in shares of Global Medical REIT by 70.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company’s stock valued at $51,000 after buying an additional 3,046 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Global Medical REIT in the second quarter valued at approximately $78,000. Institutional investors and hedge funds 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.