Shares of Spirit Realty Capital, Inc. (NYSE:SRC) have been assigned an average recommendation of “Hold” from the seventeen research firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $9.92.
Several analysts recently issued reports on SRC shares. Bank of America Corporation raised shares of Spirit Realty Capital from an “underperform” rating to a “buy” rating and upped their price target for the company from $6.50 to $9.75 in a report on Wednesday, August 16th. ValuEngine cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Mizuho raised shares of Spirit Realty Capital from an “underperform” rating to a “neutral” rating and set a $7.50 price target on the stock in a report on Monday, July 10th. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of Spirit Realty Capital in a report on Friday, August 4th. Finally, BidaskClub raised shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a report on Friday, July 14th.
In other Spirit Realty Capital news, Director Todd A. Dunn bought 14,000 shares of the stock in a transaction on Thursday, August 10th. The stock was purchased at an average price of $8.49 per share, for a total transaction of $118,860.00. Following the completion of the purchase, the director now directly owns 64,560 shares in the company, valued at $548,114.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the stock in a transaction on Monday, August 7th. The shares were acquired at an average price of $8.25 per share, with a total value of $29,997.00. Following the purchase, the chief financial officer now owns 138,504 shares of the company’s stock, valued at $1,142,658. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 24,697 shares of company stock valued at $207,130. 0.50% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in SRC. New England Investment & Retirement Group Inc. bought a new stake in Spirit Realty Capital during the second quarter valued at $100,000. Janney Montgomery Scott LLC bought a new stake in Spirit Realty Capital during the first quarter valued at $109,000. Vivaldi Capital Management LLC bought a new stake in Spirit Realty Capital during the second quarter valued at $111,000. Penserra Capital Management LLC increased its stake in Spirit Realty Capital by 51.5% during the first quarter. Penserra Capital Management LLC now owns 11,730 shares of the real estate investment trust’s stock valued at $118,000 after purchasing an additional 3,986 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake 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 purchasing an additional 2,265 shares during the last quarter. Hedge funds and other institutional investors own 94.38% of the company’s stock.
Spirit Realty Capital (NYSE:SRC) traded up 0.81% during midday trading on Wednesday, reaching $8.74. 12,934,218 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $8.44 and its 200 day moving average is $8.63. The firm has a market capitalization of $4.01 billion, a P/E ratio of 66.21 and a beta of 0.53. Spirit Realty Capital has a 52 week low of $6.64 and a 52 week high of $13.86.
Spirit Realty Capital (NYSE:SRC) last posted 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 consensus estimate of $0.20 by $0.01. The firm had revenue of $168.65 million for the quarter, compared to analysts’ expectations of $163.19 million. Spirit Realty Capital had a net margin of 9.47% and a return on equity of 1.74%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. On average, analysts expect that Spirit Realty Capital will post $0.21 EPS for the current fiscal year.
Spirit Realty Capital announced that its board has authorized a stock repurchase plan on Monday, August 14th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.72 annualized dividend and a yield of 8.24%. Spirit Realty Capital’s payout ratio is 514.29%.
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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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