Global Medical REIT (NYSE:XRN) Stock Breaks Below 50-Day Moving Average - Here's What Happened

Key Points

• Global Medical REIT shares fell 4.2%, trading as low as $28.63 and breaking below their 50-day moving average of $35.26.
• Analysts maintain a consensus “Hold” rating with a $40.17 price target, although individual views range from “Sell” to “Overweight.”
• The company declared a monthly dividend of $0.16 per share, equal to an annualized $1.92 and a 6.7% yield; insiders also purchased 71,525 shares worth about $2.58 million over the past 90 days.

Global Medical REIT Inc. (NYSE:XRN - Get Free Report) shares crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $35.26 and traded as low as $28.63. Global Medical REIT shares last traded at $28.72, with a volume of 251,992 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on XRN shares. Weiss Ratings raised shares of Global Medical REIT from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, August 13th. Cantor Fitzgerald started coverage on shares of Global Medical REIT in a research note on Monday, September 21st. They set an "overweight" rating and a $43.00 price objective for the company. Wall Street Zen lowered shares of Global Medical REIT from a "hold" rating to a "sell" rating in a report on Saturday, October 10th. Huntington initiated coverage on shares of Global Medical REIT in a report on Thursday, September 10th. They set a "market perform" rating and a $37.00 target price for the company. Finally, Zacks Research raised Global Medical REIT to a "hold" rating in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Global Medical REIT currently has a consensus rating of "Hold" and a consensus target price of $40.17.

Global Medical REIT Trading Down 4.2%

The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.59 and a current ratio of 0.59. The stock has a market capitalization of $380.25 million, a P/E ratio of 7.72 and a beta of 1.12. The stock has a 50-day moving average price of $35.26 and a two-hundred day moving average price of $35.71.

Global Medical REIT (NYSE:XRN - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $4.78 EPS for the quarter, beating analysts' consensus estimates of $0.83 by $3.95. Global Medical REIT had a return on equity of 13.31% and a net margin of 36.82%. The company had revenue of $39.75 million during the quarter. On average, research analysts forecast that Global Medical REIT Inc. will post 2.89 EPS for the current fiscal year.

Global Medical REIT Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, November 20th will be given a dividend of $0.16 per share. This represents a $1.92 dividend on an annualized basis and a yield of 6.7%. The ex-dividend date of this dividend is Friday, November 20th. Global Medical REIT's payout ratio is presently 51.61%.

Insiders Place Their Bets

In related news, Director Charles Fitzgerald bought 27,600 shares of the company's stock in a transaction dated Monday, August 10th. The stock was purchased at an average cost of $35.94 per share, with a total value of $991,944.00. Following the transaction, the director owned 124,893 shares in the company, valued at approximately $4,488,654.42. This trade represents a 28.37% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Aaron Roseth bought 13,500 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were bought at an average cost of $36.73 per share, for a total transaction of $495,855.00. Following the purchase, the chief operating officer directly owned 13,500 shares in the company, valued at approximately $495,855. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 71,525 shares of company stock worth $2,579,304. 8.90% of the stock is currently owned by corporate insiders.

About Global Medical REIT

Global Medical REIT Inc was a healthcare-focused real estate investment trust that owned and operated income-producing medical properties. The company primarily invested in outpatient medical office buildings, specialty facilities and other healthcare-related real estate leased to healthcare providers, physician groups and hospital systems.

Its portfolio historically included properties across the United States, with tenants providing services such as primary care, specialty care, diagnostic testing, surgery and rehabilitation.

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