Global Medical REIT (NYSE:XRN) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Global Medical REIT to a “hold” rating, adding to a mostly neutral analyst view on the stock.
• Other firms were mixed: Citizens JMP raised its price target to $42 with an outperform rating, while Compass Point cut its target to $38 and kept a neutral stance. Overall, the stock has an average Hold rating and a consensus target price of $40.25.
• Global Medical REIT opened at $37.31, with a market cap of about $493.8 million; recent insider buying and institutional ownership remain notable, with insiders owning 8.9% and institutions holding 57.52%.

Global Medical REIT (NYSE:XRN - Get Free Report) was upgraded by Zacks Research to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts also recently issued reports on XRN. Citizens Jmp increased their price objective on 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. Compass Point restated a "neutral" rating and set a $38.00 price target (down from $50.00) on shares of Global Medical REIT in a report on Thursday, May 7th. BMO Capital Markets boosted their target price on Global Medical REIT from $39.00 to $40.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Raymond James Financial assumed coverage on Global Medical REIT in a report on Wednesday, June 17th. They set a "market perform" rating on the stock. Finally, Weiss Ratings raised shares of Global Medical REIT from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Global Medical REIT presently has an average rating of "Hold" and an average target price of $40.25.

Global Medical REIT Stock Performance

Shares of XRN opened at $37.31 on Wednesday. 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 stock has a market cap of $493.84 million, a price-to-earnings ratio of -33.62 and a beta of 1.10. Global Medical REIT has a one year low of $29.05 and a one year high of $39.93. The company has a 50-day moving average of $36.53 and a two-hundred day moving average of $35.73.

Insider Buying and Selling

In other Global Medical REIT news, COO Danica Holley purchased 1,490 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was bought at an average cost of $33.99 per share, for a total transaction of $50,645.10. Following the completion of the acquisition, the chief operating officer directly owned 1,590 shares in the company, valued at $54,044.10. This represents a 1,490.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paula Crowley acquired 1,000 shares of Global Medical REIT stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $34.00 per share, with a total value of $34,000.00. Following the completion of the transaction, the director directly owned 1,000 shares of the company's stock, valued at $34,000. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 10,974 shares of company stock worth $373,826. 8.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Invesco Ltd. grew its position in Global Medical REIT by 4.2% during the fourth quarter. Invesco Ltd. now owns 310,432 shares of the company's stock worth $10,474,000 after buying an additional 12,471 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Global Medical REIT during the 4th quarter worth approximately $563,000. XTX Topco Ltd acquired a new stake in shares of Global Medical REIT during the 4th quarter worth approximately $515,000. Tudor Investment Corp ET AL acquired a new stake in shares of Global Medical REIT during the 4th quarter worth approximately $930,000. Finally, Clifford Capital Partners LLC increased its position in shares of Global Medical REIT by 31.3% during the fourth quarter. Clifford Capital Partners LLC now owns 14,694 shares of the company's stock valued at $496,000 after purchasing an additional 3,504 shares during the period. Institutional investors and hedge funds 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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