Heartland Advisors Inc. Has $14.29 Million Stock Position in Global Medical REIT Inc. $XRN

Key Points

• Heartland Advisors sharply increased its position in Global Medical REIT, boosting its stake by 177.4% in the fourth quarter to 423,460 shares valued at about $14.29 million.
• Institutional ownership remains high, with hedge funds and other investors owning 57.52% of the company; several firms including Invesco, MIRAE ASSET, and Goldman Sachs also raised their holdings.
• Analysts are mixed on the stock, with a consensus rating of Hold and a consensus price target of $40, while the company also recently declared a $0.16 monthly dividend yielding about 5.2%.

Heartland Advisors Inc. lifted its stake in Global Medical REIT Inc. (NYSE:XRN - Free Report) by 177.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 423,460 shares of the company's stock after acquiring an additional 270,786 shares during the period. Heartland Advisors Inc. owned approximately 3.16% of Global Medical REIT worth $14,288,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Invesco Ltd. grew its stake in shares of Global Medical REIT by 30.5% in the second quarter. Invesco Ltd. now owns 1,518,668 shares of the company's stock worth $10,524,000 after acquiring an additional 355,355 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Global Medical REIT by 8.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,514,954 shares of the company's stock worth $10,499,000 after acquiring an additional 119,538 shares during the last quarter. Man Group plc grew its stake in shares of Global Medical REIT by 1.7% in the second quarter. Man Group plc now owns 600,943 shares of the company's stock worth $4,165,000 after acquiring an additional 10,192 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Global Medical REIT by 13.2% in the first quarter. Goldman Sachs Group Inc. now owns 388,605 shares of the company's stock worth $3,400,000 after acquiring an additional 45,243 shares during the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Global Medical REIT in the third quarter worth $9,997,000. Institutional investors and hedge funds own 57.52% of the company's stock.

Analyst Upgrades and Downgrades

XRN has been the topic of a number of recent research reports. Compass Point reiterated a "neutral" rating and set a $38.00 price target (down from $50.00) on shares of Global Medical REIT in a research note on Thursday, May 7th. Weiss Ratings downgraded shares of Global Medical REIT from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. BMO Capital Markets lifted 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. Citizens Jmp lifted their price target on shares of Global Medical REIT from $40.00 to $42.00 and gave the stock a "market outperform" rating in a research note on Tuesday, May 26th. Finally, Wall Street Zen downgraded shares of Global Medical REIT from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. One research 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 given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $40.00.

Insider Activity at Global Medical REIT

In related news, Director Paula Crowley acquired 1,000 shares of the business's stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $34.00 per share, with a total value of $34,000.00. Following the completion of the acquisition, the director owned 1,000 shares in the company, valued at $34,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Jamie Allen Barber acquired 1,481 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $33.50 per share, with a total value of $49,613.50. Following the completion of the acquisition, the general counsel owned 1,481 shares of the company's stock, valued at approximately $49,613.50. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 10,974 shares of company stock valued at $373,826. Insiders own 8.90% of the company's stock.

Global Medical REIT Stock Up 0.1%

XRN opened at $37.10 on Thursday. Global Medical REIT Inc. has a fifty-two week low of $29.05 and a fifty-two week high of $39.93. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.68 and a quick ratio of 0.68. The firm's fifty day moving average price is $35.19 and its two-hundred day moving average price is $35.05. The company has a market capitalization of $491.04 million, a P/E ratio of -33.43 and a beta of 1.11.

Global Medical REIT Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a c) dividend on an annualized basis and a dividend yield of 5.2%. Global Medical REIT's dividend payout ratio (DPR) is presently -172.97%.

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.

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