Koch Industries Inc. Takes Position in Spirit Realty Capital, Inc. (SRC)
Koch Industries Inc. purchased a new position in Spirit Realty Capital, Inc. (NYSE:SRC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 213,000 shares of the real estate investment trust’s stock, valued at approximately $188,000.
A number of other hedge funds have also recently modified their holdings of the stock. Lasalle Investment Management Securities LLC grew its stake in Spirit Realty Capital by 52.2% in the second quarter. Lasalle Investment Management Securities LLC now owns 22,481,416 shares of the real estate investment trust’s stock worth $166,587,000 after purchasing an additional 7,707,615 shares during the period. Principal Financial Group Inc. grew its stake in Spirit Realty Capital by 4.5% in the second quarter. Principal Financial Group Inc. now owns 16,684,319 shares of the real estate investment trust’s stock worth $123,630,000 after purchasing an additional 715,603 shares during the period. Prudential Financial Inc. grew its stake in Spirit Realty Capital by 55.5% in the second quarter. Prudential Financial Inc. now owns 12,337,803 shares of the real estate investment trust’s stock worth $91,423,000 after purchasing an additional 4,403,654 shares during the period. State Street Corp grew its stake in Spirit Realty Capital by 2.4% in the second quarter. State Street Corp now owns 9,684,420 shares of the real estate investment trust’s stock worth $71,759,000 after purchasing an additional 223,928 shares during the period. Finally, V3 Capital Management L.P. grew its stake in Spirit Realty Capital by 96.9% in the second quarter. V3 Capital Management L.P. now owns 9,642,585 shares of the real estate investment trust’s stock worth $71,452,000 after purchasing an additional 4,745,800 shares during the period. 94.51% of the stock is currently owned by institutional investors.
Several equities research analysts recently weighed in on the company. Mizuho reaffirmed a “buy” rating and issued a $9.00 price target on shares of Spirit Realty Capital in a research note on Sunday. Robert W. Baird reissued a “buy” rating and issued a $10.00 target price on shares of Spirit Realty Capital in a research note on Friday. Zacks Investment Research cut Spirit Realty Capital from a “buy” rating to a “hold” rating in a research note on Wednesday. FBR & Co reissued a “buy” rating on shares of Spirit Realty Capital in a research note on Friday. Finally, Royal Bank Of Canada increased their target price on Spirit Realty Capital from $8.00 to $9.00 and gave the stock a “sector perform” rating in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $9.70.
Spirit Realty Capital, Inc. (NYSE:SRC) opened at 8.08 on Friday. The stock’s 50 day moving average price is $8.55 and its 200-day moving average price is $8.30. The company has a market capitalization of $3.70 billion, a P/E ratio of 61.21 and a beta of 0.53. Spirit Realty Capital, Inc. has a one year low of $6.64 and a one year high of $12.66.
Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.01. Spirit Realty Capital had a return on equity of 1.74% and a net margin of 9.47%. The business had revenue of $168.65 million for the quarter, compared to the consensus estimate of $163.19 million. During the same period last year, the business posted $0.22 EPS. The business’s revenue was down 1.8% compared to the same quarter last year. Equities analysts forecast that Spirit Realty Capital, Inc. will post $0.21 EPS for the current year.
Spirit Realty Capital declared that its Board of Directors has authorized a stock buyback program on Monday, August 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.72 annualized dividend and a yield of 8.91%. Spirit Realty Capital’s dividend payout ratio (DPR) is 514.29%.
In other Spirit Realty Capital news, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were purchased at an average cost of $8.25 per share, for a total transaction of $29,997.00. Following the purchase, the chief financial officer now directly owns 138,504 shares in the company, valued at $1,142,658. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Phillip D. Joseph, Jr. bought 6,061 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were acquired at an average price of $8.25 per share, for a total transaction of $50,003.25. Following the completion of the purchase, the chief financial officer now owns 138,504 shares in the company, valued at $1,142,658. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 24,697 shares of company stock worth $207,130. 0.50% of the stock is owned by company insiders.
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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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