Citizens Jmp Raises Global Medical REIT (NYSE:XRN) Price Target to $42.00

Key Points

• Citizens JMP raised its price target on Global Medical REIT to $42 from $40 and kept an outperform rating, implying about 11% upside from the prior close.
• Analyst views remain mixed: the stock’s overall consensus is still Hold, with an average target price of $40 despite recent target increases and several downgrades from other firms.
• Shares were trading around $37.83, while insider buying continued, including purchases by the CEO and a director, signaling some internal confidence in the company.

Global Medical REIT (NYSE:XRN - Get Free Report) had its price objective hoisted by equities researchers at Citizens Jmp from $40.00 to $42.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. Citizens Jmp's price objective points to a potential upside of 11.02% from the stock's previous close.

Several other equities research analysts also recently weighed in on the stock. Compass Point reaffirmed a "neutral" rating and issued a $38.00 price objective (down from $50.00) on shares of Global Medical REIT in a report on Thursday, May 7th. Wall Street Zen downgraded shares of Global Medical REIT from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. BMO Capital Markets upped their price target on shares of Global Medical REIT from $33.00 to $39.00 and gave the stock a "market perform" rating in a research note on Monday, May 18th. Finally, Weiss Ratings lowered shares of Global Medical REIT from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $40.00.

Global Medical REIT Trading Up 1.0%

Shares of XRN stock opened at $37.83 on Tuesday. Global Medical REIT has a 1 year low of $29.05 and a 1 year high of $39.93. The firm has a market capitalization of $500.49 million, a PE ratio of -34.08 and a beta of 1.11. The stock has a fifty day moving average of $34.96 and a two-hundred day moving average of $34.71. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.68 and a current ratio of 0.68.

Insider Activity at Global Medical REIT

In other Global Medical REIT news, Director Matthew Cypher acquired 1,420 shares of Global Medical REIT stock in a transaction dated Thursday, May 14th. The stock was bought at an average price of $35.12 per share, for a total transaction of $49,870.40. Following the transaction, the director owned 1,690 shares in the company, valued at approximately $59,352.80. This trade represents a 525.93% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Okey Decker, Jr. bought 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $33.94 per share, for a total transaction of $169,700.00. Following the completion of the acquisition, the chief executive officer directly owned 59,774 shares in the company, valued at approximately $2,028,729.56. This represents a 9.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have purchased 10,974 shares of company stock worth $373,826. Company insiders own 8.90% of the company's stock.

Hedge Funds Weigh In On Global Medical REIT

A number of hedge funds have recently modified their holdings of the stock. Marshall Wace LLP lifted its holdings in shares of Global Medical REIT by 0.8% during the fourth quarter. Marshall Wace LLP now owns 38,244 shares of the company's stock valued at $1,290,000 after purchasing an additional 308 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Global Medical REIT by 7.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 4,827 shares of the company's stock worth $163,000 after purchasing an additional 332 shares in the last quarter. Fifth Third Bancorp raised its stake in Global Medical REIT by 35.3% during the 4th quarter. Fifth Third Bancorp now owns 1,417 shares of the company's stock valued at $48,000 after purchasing an additional 370 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Global Medical REIT by 1,001.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company's stock valued at $27,000 after purchasing an additional 721 shares during the period. Finally, Virtus Advisers LLC lifted its holdings in shares of Global Medical REIT by 46.5% in the fourth quarter. Virtus Advisers LLC now owns 2,418 shares of the company's stock valued at $82,000 after purchasing an additional 768 shares in the last quarter. 57.52% of the stock is currently owned by institutional investors and hedge funds.

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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