Global Medical REIT Inc. (NYSE:XRN) to Issue $0.16 Monthly Dividend

Key Points

• Global Medical REIT declared a $0.16-per-share monthly dividend, equivalent to $1.92 annually and a stated 5.3% yield. The dividend is payable December 18 to shareholders of record November 20.
• The current dividend appears poorly covered by earnings, with a reported payout ratio of 3,840%; however, analysts expect next year’s earnings to support a more sustainable projected payout ratio of 87.3%.
• Shares opened at $36.27, while analysts maintain a consensus “Hold” rating and a $40.25 price target. The company recently reported quarterly earnings of $4.78 per share, well above the $0.83 consensus estimate.

Global Medical REIT Inc. (NYSE:XRN - Get Free Report) declared a monthly dividend on Tuesday, August 18th. Stockholders of record on Friday, November 20th will be paid a dividend of 0.16 per share on Friday, December 18th. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Friday, November 20th.

Global Medical REIT has decreased its dividend payment by an average of 0.0%per year over the last three years. Global Medical REIT has a payout ratio of 3,840.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Global Medical REIT to earn $2.20 per share next year, which means the company should continue to be able to cover its $1.92 annual dividend with an expected future payout ratio of 87.3%.

Global Medical REIT Stock Down 0.3%

Shares of NYSE XRN opened at $36.27 on Wednesday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.59. The company has a 50-day moving average price of $36.61 and a 200-day moving average price of $35.84. The stock has a market capitalization of $480.23 million, a P/E ratio of 9.75 and a beta of 1.09. Global Medical REIT has a 1 year low of $29.05 and a 1 year high of $39.93.

Global Medical REIT (NYSE:XRN - Get Free Report) last posted its 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. 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. On average, equities research analysts forecast that Global Medical REIT will post 2.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

XRN has been the subject of a number of recent research reports. Wall Street Zen lowered Global Medical REIT from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Zacks Research upgraded Global Medical REIT to a "hold" rating in a report on Wednesday, July 22nd. 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 objective on shares of Global Medical REIT from $40.00 to $42.00 and gave the stock a "market outperform" rating in a report on Tuesday, May 26th. Finally, Raymond James Financial assumed coverage on shares of Global Medical REIT in a report on Wednesday, June 17th. They set a "market perform" rating on the stock. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $40.25.

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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