Huntington Initiates Coverage on Global Medical REIT (NYSE:XRN)

Investment analysts at Huntington began coverage on shares of Global Medical REIT (NYSE:XRN) in a research report issued on Thursday, Briefing.com reports. The brokerage set a “market perform” rating and a $37.00 price target on the stock. Huntington’s target price suggests a potential upside of 0.14% from the stock’s previous close.

A number of other research firms have also recently commented on XRN. BMO Capital Markets boosted their target price on shares of Global Medical REIT from $39.00 to $40.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. Citizens Jmp raised their price target on shares of Global Medical REIT from $40.00 to $42.00 and gave the company a “market outperform” rating in a research note on Tuesday, May 26th. Weiss Ratings upgraded Global Medical REIT from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Zacks Research upgraded Global Medical REIT to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Raymond James Financial initiated coverage on Global Medical REIT in a report on Wednesday, June 17th. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Global Medical REIT presently has an average rating of “Hold” and an average target price of $39.60.

Global Medical REIT Price Performance

Global Medical REIT stock opened at $36.95 on Thursday. The stock has a market capitalization of $489.22 million, a P/E ratio of 9.93 and a beta of 1.10. The company’s fifty day moving average price is $36.79 and its 200 day moving average price is $35.96. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.59 and a current ratio of 0.59. Global Medical REIT has a 1 year low of $29.05 and a 1 year high of $39.93.

Global Medical REIT (NYSE:XRN) last posted its quarterly earnings data 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. The company had revenue of $39.75 million during the quarter. Global Medical REIT had a net margin of 36.82% and a return on equity of 13.31%. As a group, equities research analysts anticipate that Global Medical REIT will post 2.89 earnings per share for the current fiscal year.

Insider Activity

In other Global Medical REIT news, CEO Mark Okey Decker, Jr. purchased 6,875 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were purchased at an average cost of $35.92 per share, for a total transaction of $246,950.00. Following the completion of the transaction, the chief executive officer owned 75,199 shares of the company’s stock, valued at $2,701,148.08. The trade was a 10.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles Fitzgerald acquired 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were acquired at an average cost of $35.78 per share, with a total value of $500,920.00. Following the purchase, the director owned 138,893 shares in the company, valued at $4,969,591.54. This represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 71,525 shares of company stock worth $2,579,304 over the last three months. Insiders own 8.90% of the company’s stock.

Institutional Trading of Global Medical REIT

A number of hedge funds have recently bought and sold shares of the business. Invesco Ltd. boosted its holdings in shares of Global Medical REIT by 4.2% during the 4th quarter. Invesco Ltd. now owns 310,432 shares of the company’s stock worth $10,474,000 after purchasing an additional 12,471 shares during the last quarter. Mackenzie Financial Corp purchased a new position in Global Medical REIT during the fourth quarter worth approximately $563,000. XTX Topco Ltd purchased a new position in Global Medical REIT during the fourth quarter worth approximately $515,000. Tudor Investment Corp ET AL purchased a new position in Global Medical REIT during the fourth quarter worth approximately $930,000. Finally, Clifford Capital Partners LLC boosted its stake in Global Medical REIT by 31.3% during the fourth quarter. Clifford Capital Partners LLC now owns 14,694 shares of the company’s stock worth $496,000 after buying an additional 3,504 shares during the last quarter. 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.