Global Medical REIT (NYSE:XRN) Share Price Passes Above 50-Day Moving Average - Here's Why

Key Points

• Global Medical REIT shares rose above their 50-day moving average, trading as high as $38.65 and last changing hands around $37.92 on solid volume.
• Wall Street views are mixed: the stock’s consensus rating is Hold with an average price target of $40, while analyst targets range from a sell rating to a market-outperform call as high as $42.
• The company announced a monthly dividend of $0.16 per share, payable Sept. 18, for a 5.1% annualized yield, and insiders have recently been active buyers of the stock.

Global Medical REIT Inc. (NYSE:XRN - Get Free Report) shares passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $35.84 and traded as high as $38.65. Global Medical REIT shares last traded at $37.9210, with a volume of 70,583 shares trading hands.

Wall Street Analyst Weigh In

XRN has been the subject of several research analyst reports. Raymond James Financial initiated coverage on Global Medical REIT in a research note on Wednesday, June 17th. They set a "market perform" rating for the company. Wall Street Zen downgraded Global Medical REIT from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. 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 research report on Tuesday, May 26th. BMO Capital Markets upped their price objective on shares of Global Medical REIT from $33.00 to $39.00 and gave the company a "market perform" rating in a report on Monday, May 18th. Finally, Compass Point reissued a "neutral" rating and issued a $38.00 price objective (down from $50.00) on shares of Global Medical REIT in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Global Medical REIT currently has a consensus rating of "Hold" and an average price target of $40.00.

Global Medical REIT Stock Down 0.1%

The company has a market cap of $501.69 million, a price-to-earnings ratio of -34.16 and a beta of 1.10. 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 has a 50-day moving average price of $35.84 and a 200 day moving average price of $35.42.

Global Medical REIT Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, August 20th. This represents a c) annualized dividend and a yield of 5.1%. Global Medical REIT's dividend payout ratio (DPR) is presently -172.97%.

Insider Activity at Global Medical REIT

In other Global Medical REIT news, Director Matthew Cypher purchased 1,420 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $35.12 per share, for a total transaction of $49,870.40. Following the completion of the purchase, the director owned 1,690 shares of the company's stock, valued at approximately $59,352.80. The trade was a 525.93% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paula Crowley purchased 1,000 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average cost of $34.00 per share, for a total transaction of $34,000.00. Following the completion of the transaction, the director owned 1,000 shares of the company's stock, valued at $34,000. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have acquired 10,974 shares of company stock valued at $373,826. 8.90% of the stock is currently owned by insiders.

Institutional Trading of Global Medical REIT

Institutional investors have recently bought and sold shares of the business. Marshall Wace LLP increased 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 worth $1,290,000 after purchasing an additional 308 shares during the period. Daiwa Securities Group Inc. grew its position in Global Medical REIT by 7.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 4,827 shares of the company's stock worth $163,000 after buying an additional 332 shares in the last quarter. Fifth Third Bancorp grew its position in Global Medical REIT by 35.3% during the fourth quarter. Fifth Third Bancorp now owns 1,417 shares of the company's stock worth $48,000 after buying an additional 370 shares in the last quarter. Caitong International Asset Management Co. Ltd increased 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 worth $27,000 after acquiring an additional 721 shares during the period. Finally, Virtus Advisers LLC increased its stake in Global Medical REIT by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 2,418 shares of the company's stock worth $82,000 after acquiring an additional 768 shares during the period. Institutional investors own 57.52% of the company's stock.

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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