Key Points
- Director Charles Fitzgerald bought 27,600 Global Medical REIT shares at an average price of $35.94, investing nearly $992,000 and increasing his direct stake by 28.37% to 124,893 shares.
- Global Medical REIT reported quarterly earnings of $4.78 per share, beating analysts’ $0.83 estimate by $3.95, while revenue reached $39.75 million.
- Analysts have an overall “Hold” rating on the stock, with an average price target of $40.25 versus its recent opening price of $36.43; institutional investors own 57.52% of the company.
Global Medical REIT Inc. (NYSE:XRN - Get Free Report) CEO Mark Okey Decker, Jr. bought 8,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $35.88 per share, for a total transaction of $287,040.00. Following the completion of the transaction, the chief executive officer owned 67,774 shares of the company's stock, valued at approximately $2,431,731.12. The trade was a 13.38% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Global Medical REIT Trading Up 3.8%
NYSE:XRN opened at $36.43 on Thursday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.68 and a current ratio of 0.68. Global Medical REIT Inc. has a one year low of $29.05 and a one year high of $39.93. The business's 50-day simple moving average is $36.57 and its 200 day simple moving average is $35.79. The stock has a market cap of $482.33 million, a price-to-earnings ratio of 9.79 and a beta of 1.09.
Global Medical REIT (NYSE:XRN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $4.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $3.95. Global Medical REIT had a return on equity of 13.74% and a net margin of 36.82%.The firm had revenue of $39.75 million during the quarter. As a group, sell-side analysts predict that Global Medical REIT Inc. will post 3.06 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Global Medical REIT
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. grew its holdings in shares of Global Medical REIT by 4.2% during the fourth quarter. Invesco Ltd. now owns 310,432 shares of the company's stock valued at $10,474,000 after purchasing an additional 12,471 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of Global Medical REIT in the 4th quarter worth approximately $563,000. XTX Topco Ltd bought a new stake in shares of Global Medical REIT in the 4th quarter worth approximately $515,000. Tudor Investment Corp ET AL acquired a new position in Global Medical REIT during the 4th quarter valued at approximately $930,000. Finally, Clifford Capital Partners LLC boosted its position in Global Medical REIT by 31.3% during the 4th 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. 57.52% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the stock. Compass Point reissued a "neutral" rating and set a $38.00 price target (down from $50.00) on shares of Global Medical REIT in a research report on Thursday, May 7th. Citizens Jmp upped 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 report on Tuesday, May 26th. Raymond James Financial initiated coverage on shares of Global Medical REIT in a research note on Wednesday, June 17th. They set a "market perform" rating on the stock. Wall Street Zen lowered shares of Global Medical REIT from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Zacks Research raised shares of Global Medical REIT to a "hold" rating in a research report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Global Medical REIT currently has an average rating of "Hold" and an average target price of $40.25.
Check Out Our Latest Analysis on Global Medical REIT
Global Medical REIT Company Profile
(
Get Free Report)
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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