Global Medical REIT (NYSE:XRN) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

Global Medical REIT Inc. (NYSE:XRN)’s stock price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $35.28 and traded as high as $35.80. Global Medical REIT shares last traded at $35.0350, with a volume of 52,258 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wall Street Zen upgraded shares of Global Medical REIT from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Global Medical REIT in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Global Medical REIT Price Performance

The business’s 50-day simple moving average is $35.28 and its 200-day simple moving average is $34.30. The stock has a market cap of $463.69 million, a PE ratio of -38.93 and a beta of 1.16. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.62.

Global Medical REIT Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, June 12th. Shareholders of record on Wednesday, May 20th will be given a $0.25 dividend. The ex-dividend date is Wednesday, May 20th. This represents a c) dividend on an annualized basis and a dividend yield of 8.6%. Global Medical REIT’s payout ratio is presently -333.33%.

Hedge Funds Weigh In On Global Medical REIT

A number of hedge funds have recently modified their holdings of XRN. Caitong International Asset Management Co. Ltd increased its position in shares of Global Medical REIT by 1,001.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 793 shares of the company’s stock valued at $27,000 after acquiring an additional 721 shares during the period. Fifth Third Bancorp purchased a new position in shares of Global Medical REIT in the third quarter valued at about $35,000. New York State Teachers Retirement System purchased a new position in shares of Global Medical REIT in the third quarter valued at about $39,000. Tower Research Capital LLC TRC increased its position in shares of Global Medical REIT by 70.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company’s stock valued at $51,000 after acquiring an additional 3,046 shares during the period. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of Global Medical REIT during the 2nd quarter valued at about $78,000. Hedge funds and other institutional investors 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.