Spirit Realty Capital, Inc. (SRC) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Spirit Realty Capital, Inc. (NYSE:SRC) from a hold rating to a buy rating in a research report released on Thursday morning. The firm currently has $9.50 price objective on the real estate investment trust’s stock.
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. “
Other analysts have also recently issued research reports about the company. Royal Bank Of Canada raised their target price on Spirit Realty Capital from $8.00 to $9.00 and gave the stock a sector perform rating in a research report on Friday, August 4th. ValuEngine cut Spirit Realty Capital from a buy rating to a hold rating in a research report on Friday, September 1st. BidaskClub raised Spirit Realty Capital from a hold rating to a buy rating in a research report on Monday, July 31st. Mizuho raised Spirit Realty Capital from a neutral rating to a buy rating and raised their target price for the stock from $7.50 to $9.00 in a research report on Thursday, August 31st. Finally, Ladenburg Thalmann Financial Services reaffirmed a hold rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $9.88.
Shares of Spirit Realty Capital (NYSE SRC) traded down 0.758% during mid-day trading on Thursday, hitting $8.505. The stock had a trading volume of 298,166 shares. The company has a 50 day moving average price of $8.56 and a 200 day moving average price of $8.34. The firm has a market cap of $3.90 billion, a P/E ratio of 64.432 and a beta of 0.53. Spirit Realty Capital has a 12-month low of $6.64 and a 12-month high of $12.77.
Spirit Realty Capital (NYSE:SRC) last released its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The business had revenue of $168.65 million during the quarter, compared to analyst estimates of $163.19 million. Spirit Realty Capital had a return on equity of 1.74% and a net margin of 9.47%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the company posted $0.22 EPS. Equities analysts forecast that Spirit Realty Capital will post $0.21 earnings per share for the current fiscal year.
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Spirit Realty Capital declared that its board has authorized a stock buyback plan on Monday, August 14th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 8.40%. Spirit Realty Capital’s payout ratio is 514.29%.
In related news, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the business’s stock in a transaction on Monday, August 7th. The shares were bought at an average cost of $8.25 per share, for a total transaction of $29,997.00. Following the completion of the acquisition, the chief financial officer now directly owns 138,504 shares in the company, valued at $1,142,658. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Todd A. Dunn bought 14,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were bought at an average price of $8.49 per share, for a total transaction of $118,860.00. Following the completion of the acquisition, the director now owns 64,560 shares of the company’s stock, valued at $548,114.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 24,697 shares of company stock worth $207,130. Corporate insiders own 0.50% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Spirit Realty Capital by 24.0% during the first quarter. PNC Financial Services Group Inc. now owns 11,684 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 2,265 shares in the last quarter. New England Investment & Retirement Group Inc. bought a new position in Spirit Realty Capital during the second quarter valued at about $100,000. Investment Centers of America Inc. raised its holdings in Spirit Realty Capital by 2.6% during the first quarter. Investment Centers of America Inc. now owns 13,850 shares of the real estate investment trust’s stock valued at $141,000 after buying an additional 350 shares in the last quarter. Vivaldi Capital Management LLC bought a new position in Spirit Realty Capital during the second quarter valued at about $111,000. Finally, Chicago Equity Partners LLC bought a new position in Spirit Realty Capital during the second quarter valued at about $119,000. Institutional investors own 94.51% of the company’s stock.
Spirit Realty Capital Company Profile
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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