Spirit Realty Capital Inc. (SRC) Now Covered by Mizuho
Analysts at Mizuho initiated coverage on shares of Spirit Realty Capital Inc. (NYSE:SRC) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set a “buy” rating on the real estate investment trust’s stock.
A number of other brokerages also recently issued reports on SRC. Wunderlich increased their price target on shares of Spirit Realty Capital from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Janney Montgomery Scott assumed coverage on shares of Spirit Realty Capital in a report on Wednesday, September 7th. They set a “buy” rating and a $14.50 price target on the stock. They noted that the move was a valuation call. Morgan Stanley raised shares of Spirit Realty Capital from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $11.00 to $15.00 in a report on Wednesday, September 7th. BTIG Research assumed coverage on shares of Spirit Realty Capital in a report on Thursday, August 25th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Zacks Investment Research downgraded shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $13.05.
Spirit Realty Capital (NYSE:SRC) traded up 2.19% during mid-day trading on Thursday, hitting $12.62. 6,130,944 shares of the stock were exchanged. The stock has a market cap of $6.05 billion, a PE ratio of 56.34 and a beta of 0.54. Spirit Realty Capital has a 52-week low of $8.90 and a 52-week high of $13.97. The stock’s 50 day moving average is $13.10 and its 200 day moving average is $12.43.
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Spirit Realty Capital (NYSE:SRC) last released its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. The firm had revenue of $171.70 million for the quarter, compared to analyst estimates of $164.29 million. Spirit Realty Capital had a net margin of 15.36% and a return on equity of 2.91%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 earnings per share. Analysts forecast that Spirit Realty Capital will post $0.87 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 5.55%. The ex-dividend date of this dividend is Wednesday, September 28th. Spirit Realty Capital’s dividend payout ratio is currently 304.36%.
In other news, CEO Thomas H. Nolan, Jr. sold 15,000 shares of the firm’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $13.23, for a total value of $198,450.00. Following the transaction, the chief executive officer now directly owns 858,186 shares of the company’s stock, valued at $11,353,800.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. boosted its stake in Spirit Realty Capital by 39.9% in the first quarter. Meeder Asset Management Inc. now owns 44,090 shares of the real estate investment trust’s stock valued at $497,000 after buying an additional 12,578 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in Spirit Realty Capital by 49.2% in the first quarter. Rafferty Asset Management LLC now owns 58,249 shares of the real estate investment trust’s stock valued at $655,000 after buying an additional 19,211 shares during the last quarter. State Street Corp boosted its stake in Spirit Realty Capital by 4.2% in the first quarter. State Street Corp now owns 8,050,604 shares of the real estate investment trust’s stock valued at $90,573,000 after buying an additional 324,976 shares during the last quarter. Kempen Capital Management N.V. boosted its stake in Spirit Realty Capital by 48.2% in the first quarter. Kempen Capital Management N.V. now owns 170,514 shares of the real estate investment trust’s stock valued at $1,918,000 after buying an additional 55,423 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Spirit Realty Capital during the first quarter valued at about $291,000. Hedge funds and other institutional investors own 95.35% 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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