Spirit Realty Capital, Inc. (NYSE:SRC) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 10,775,605 shares, a drop of 22.5% from the July 14th total of 13,910,564 shares. Approximately 2.2% of the company’s shares are short sold. Based on an average trading volume of 8,331,720 shares, the days-to-cover ratio is currently 1.3 days.
A number of equities analysts have recently weighed in on SRC shares. Morgan Stanley cut shares of Spirit Realty Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $11.50 to $8.40 in a research report on Tuesday, May 9th. Janney Montgomery Scott cut shares of Spirit Realty Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, May 4th. Ladenburg Thalmann Financial Services cut shares of Spirit Realty Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, May 4th. Bank of America Corporation raised shares of Spirit Realty Capital from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $6.50 to $9.75 in a research report on Wednesday, August 16th. Finally, ValuEngine cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $10.60.
In other news, CFO Phillip D. Joseph, Jr. purchased 6,700 shares of Spirit Realty Capital stock in a transaction dated Friday, June 2nd. The shares were bought at an average cost of $7.47 per share, with a total value of $50,049.00. Following the completion of the transaction, the chief financial officer now directly owns 134,868 shares in the company, valued at approximately $1,007,463.96. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Todd A. Dunn purchased 14,000 shares of Spirit Realty Capital stock in a transaction dated Thursday, August 10th. The shares were purchased at an average cost of $8.49 per share, for a total transaction of $118,860.00. Following the completion of the transaction, 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 ninety days, insiders acquired 68,497 shares of company stock worth $528,508. Insiders own 0.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. New England Investment & Retirement Group Inc. bought a new position in shares of Spirit Realty Capital during the second quarter valued at about $100,000. Janney Montgomery Scott LLC acquired a new position in Spirit Realty Capital during the first quarter worth $109,000. Vivaldi Capital Management LLC acquired a new position in Spirit Realty Capital during the second quarter worth $111,000. Penserra Capital Management LLC raised its position in Spirit Realty Capital by 51.5% in the first quarter. Penserra Capital Management LLC now owns 11,730 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 3,986 shares during the period. Finally, PNC Financial Services Group Inc. raised its position 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 worth $119,000 after buying an additional 2,265 shares during the period.
Shares of Spirit Realty Capital (NYSE:SRC) opened at 8.41 on Monday. The company’s 50 day moving average is $7.94 and its 200-day moving average is $8.92. Spirit Realty Capital has a one year low of $6.64 and a one year high of $13.95. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 63.71 and a beta of 0.55.
Spirit Realty Capital (NYSE:SRC) last issued its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The business had revenue of $168.65 million for the quarter, compared to analyst estimates of $163.19 million. Spirit Realty Capital had a net margin of 9.47% and a return on equity of 1.74%. Spirit Realty Capital’s revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.22 earnings per share. Equities analysts expect that Spirit Realty Capital will post $0.21 EPS for the current year.
Spirit Realty Capital declared that its Board of Directors has initiated a stock buyback program 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 purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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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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