Global Medical REIT (NYSE:XRN) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Global Medical REIT from “sell” to “hold,” aligning with the broader consensus rating of “Hold” from analysts, with an average price target of $39.60.
• The stock opened at $35.95, down 1.8%, while the company reported quarterly EPS of $4.78, significantly exceeding the $0.83 analyst consensus, on revenue of $39.75 million.
• Insiders and institutional investors increased their positions: insiders purchased 71,525 shares worth $2.58 million during the quarter, while hedge funds and other institutions own 57.52% of the company.

Global Medical REIT (NYSE:XRN - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently commented on the stock. Raymond James Financial started coverage on shares of Global Medical REIT in a research note on Wednesday, June 17th. They set a "market perform" rating for the company. Weiss Ratings upgraded Global Medical REIT from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. Citizens Jmp lifted their price target on Global Medical REIT from $40.00 to $42.00 and gave the stock a "market outperform" rating in a report on Tuesday, May 26th. BMO Capital Markets upped their price objective 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. Finally, Huntington started coverage on Global Medical REIT in a research report on Thursday. They set a "market perform" rating and a $37.00 price objective for the company. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $39.60.

Global Medical REIT Stock Down 1.8%

Shares of Global Medical REIT stock opened at $35.95 on Friday. Global Medical REIT has a 52-week low of $29.05 and a 52-week high of $39.93. The company has a 50 day moving average of $36.73 and a 200 day moving average of $35.97. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $475.91 million, a P/E ratio of 9.66 and a beta of 1.10.

Global Medical REIT (NYSE:XRN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $4.78 EPS for the quarter, beating analysts' consensus estimates of $0.83 by $3.95. Global Medical REIT had a net margin of 36.82% and a return on equity of 13.31%. The company had revenue of $39.75 million for the quarter. As a group, research analysts forecast that Global Medical REIT will post 2.89 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles Fitzgerald purchased 27,600 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $35.94 per share, for a total transaction of $991,944.00. Following the purchase, the director directly owned 124,893 shares of the company's stock, valued at $4,488,654.42. The trade was a 28.37% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Okey Decker, Jr. purchased 8,000 shares of Global Medical REIT stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average cost of $35.88 per share, with a total value of $287,040.00. Following the completion of the transaction, the chief executive officer owned 67,774 shares of the company's stock, valued at $2,431,731.12. The trade was a 13.38% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 71,525 shares of company stock worth $2,579,304. Corporate insiders own 8.90% of the company's stock.

Hedge Funds Weigh In On Global Medical REIT

Several hedge funds have recently made changes to their positions in XRN. Heartland Advisors Inc. lifted its holdings in shares of Global Medical REIT by 177.4% in 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 during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Global Medical REIT by 9.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 85,740 shares of the company's stock worth $595,000 after buying an additional 7,500 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Global Medical REIT by 13.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,357 shares of the company's stock worth $519,000 after buying an additional 1,849 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Global Medical REIT by 12.1% during the second quarter. The Manufacturers Life Insurance Company now owns 60,584 shares of the company's stock worth $420,000 after buying an additional 6,539 shares during the period. Finally, Osaic Holdings Inc. increased its position in Global Medical REIT by 61.5% during the second quarter. Osaic Holdings Inc. now owns 57,283 shares of the company's stock worth $401,000 after buying an additional 21,810 shares during the period. Hedge funds and other institutional investors own 57.52% of the company's stock.

Global Medical REIT Company Profile

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.

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