Spirit Realty Capital Inc. (SRC) Upgraded to Hold by Zacks Investment Research
According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single tenant, operationally essential real estate where the tenants conduct retail, service or distribution activities. The Company has investments throughout the United States. Its portfolio of properties is leased to tenants operating in different industries which includes restaurants; general, specialty and discount retailers; movie theatres; education facilities; health, fitness and recreational facilities; automotive dealers, parts and service facilities; and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “
Several other analysts have also recently issued reports on SRC. Wunderlich increased their price target on shares of Spirit Realty Capital from $14.00 to $15.00 and gave the stock a buy rating in a research report on Tuesday, August 9th. BTIG Research started coverage on shares of Spirit Realty Capital in a research report on Thursday, August 25th. They set a buy rating and a $15.00 price target on the stock. Morgan Stanley raised shares of Spirit Realty Capital from an equal weight rating to an overweight rating and increased their price target for the stock from $11.00 to $15.00 in a research report on Wednesday, September 7th. Janney Montgomery Scott started coverage on shares of Spirit Realty Capital in a research report on Wednesday, September 7th. They set a buy rating and a $14.50 price target on the stock. They noted that the move was a valuation call. Finally, Mizuho started coverage on shares of Spirit Realty Capital in a research report on Thursday, October 13th. They set a buy rating and a $14.50 price target on the stock. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of Buy and a consensus price target of $13.45.
Shares of Spirit Realty Capital (NYSE:SRC) opened at 10.85 on Tuesday. The firm has a market capitalization of $5.25 billion, a PE ratio of 48.65 and a beta of 0.61. Spirit Realty Capital has a 52 week low of $8.90 and a 52 week high of $13.97. The firm’s 50-day moving average is $11.74 and its 200 day moving average is $12.47.
In related news, insider Jackson Hsieh purchased 9,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The stock was purchased at an average cost of $10.62 per share, with a total value of $100,890.00. Following the completion of the acquisition, the insider now directly owns 430,970 shares in the company, valued at $4,576,901.40. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Phillip D. Joseph, Jr. purchased 2,516 shares of the firm’s stock in a transaction that occurred on Thursday, November 10th. The shares were bought at an average cost of $10.75 per share, with a total value of $27,047.00. Following the completion of the acquisition, the chief financial officer now owns 90,378 shares of the company’s stock, valued at $971,563.50. The disclosure for this purchase can be found here. Corporate insiders own 0.50% of the company’s stock.
Large investors have recently modified their holdings of the company. Legal & General Group Plc increased its stake in shares of Spirit Realty Capital by 13.7% in the first quarter. Legal & General Group Plc now owns 865,486 shares of the real estate investment trust’s stock valued at $9,737,000 after buying an additional 104,451 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its stake in Spirit Realty Capital by 16.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 154,130 shares of the real estate investment trust’s stock worth $1,735,000 after buying an additional 21,687 shares during the period. Boothbay Fund Management LLC acquired a new stake in Spirit Realty Capital during the first quarter worth approximately $127,000. Spirit of America Management Corp NY increased its stake in Spirit Realty Capital by 277.8% in the second quarter. Spirit of America Management Corp NY now owns 34,000 shares of the real estate investment trust’s stock worth $434,000 after buying an additional 25,000 shares during the period. Finally, NEXT Financial Group Inc increased its stake in Spirit Realty Capital by 41.8% in the second quarter. NEXT Financial Group Inc now owns 14,291 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 4,212 shares during the period. 97.31% of the stock is owned by hedge funds and other institutional investors.
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About Spirit Realty Capital
Spirit Realty Capital, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s operations are carried out through Spirit Realty, L.P. (the Operating Partnership). The Company invests in single-tenant, operationally essential real estate throughout the United States that is leased on a long-term, triple-net basis primarily to tenants engaged in retail, service and distribution industries.
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