Spirit Realty Capital, Inc. (SRC) Lowered to “Neutral” at Robert W. Baird
Robert W. Baird cut shares of Spirit Realty Capital, Inc. (NYSE:SRC) from an outperform rating to a neutral rating in a report issued on Friday. They currently have $9.00 target price on the real estate investment trust’s stock, down from their prior target price of $10.00.
A number of other equities research analysts have also recently weighed in on SRC. BidaskClub raised shares of Spirit Realty Capital from a sell rating to a hold rating in a research report on Friday, July 14th. Zacks Investment Research raised shares of Spirit Realty Capital from a sell rating to a hold rating in a research report on Thursday, July 27th. Royal Bank of Canada boosted their price target on shares of Spirit Realty Capital from $8.00 to $9.00 and gave the company a sector perform rating in a research report on Friday, August 4th. Ladenburg Thalmann Financial Services reissued a hold rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. Finally, Bank of America Corporation raised shares of Spirit Realty Capital from an underperform rating to a buy rating and boosted their price target for the company from $6.50 to $9.75 in a research report on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $9.51.
Shares of Spirit Realty Capital (NYSE:SRC) traded down $0.06 on Friday, reaching $8.56. 4,535,900 shares of the company were exchanged, compared to its average volume of 10,538,602. Spirit Realty Capital has a 52-week low of $6.64 and a 52-week high of $11.29. The stock has a market capitalization of $3,929.83, a PE ratio of 10.14 and a beta of 0.56. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.19.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a $0.18 dividend. 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 8.41%. Spirit Realty Capital’s dividend payout ratio is presently 800.00%.
Spirit Realty Capital declared that its board has approved a share repurchase plan on Monday, August 14th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. New England Investment & Retirement Group Inc. acquired a new position in Spirit Realty Capital in the second quarter valued at $100,000. Vivaldi Capital Management LLC acquired a new position in Spirit Realty Capital in the second quarter valued at $111,000. PNC Financial Services Group Inc. increased its stake in Spirit Realty Capital by 24.0% in 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 purchasing an additional 2,265 shares during the period. Chicago Equity Partners LLC acquired a new position in shares of Spirit Realty Capital during the second quarter worth about $119,000. Finally, Harvest Fund Management Co. Ltd increased its stake in shares of Spirit Realty Capital by 123.3% during the second quarter. Harvest Fund Management Co. Ltd now owns 16,662 shares of the real estate investment trust’s stock worth $123,000 after acquiring an additional 9,200 shares during the period. Institutional investors own 94.52% 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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