Spirit Realty Capital Inc. (SRC) Downgraded to Sell at Zacks Investment Research
Spirit Realty Capital Inc. (NYSE:SRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single tenant, operationally essential real estate where the tenants conduct retail, service or distribution activities. The Company has investments throughout the United States. Its portfolio of properties is leased to tenants operating in different industries which includes restaurants; general, specialty and discount retailers; movie theatres; education facilities; health, fitness and recreational facilities; automotive dealers, parts and service facilities; and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “
A number of other equities research analysts have also recently issued reports on the stock. Mizuho began coverage on shares of Spirit Realty Capital in a report on Thursday, October 13th. They issued a “buy” rating and a $14.50 target price on the stock. Janney Montgomery Scott began coverage on shares of Spirit Realty Capital in a report on Wednesday, September 7th. They issued a “buy” rating and a $14.50 target price 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 upped their target price for the company from $11.00 to $15.00 in a report on Wednesday, September 7th. BTIG Research began coverage on shares of Spirit Realty Capital in a report on Thursday, August 25th. They issued a “buy” rating and a $15.00 target price on the stock. Finally, Wunderlich upped their target price on shares of Spirit Realty Capital from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $13.18.
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Spirit Realty Capital (NYSE:SRC) opened at 12.64 on Wednesday. The company has a market cap of $6.06 billion, a PE ratio of 56.43 and a beta of 0.54. The firm’s 50-day moving average is $13.05 and its 200-day moving average is $12.47. Spirit Realty Capital has a 52 week low of $8.90 and a 52 week high of $13.97.
Spirit Realty Capital (NYSE:SRC) last issued its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.01. The company had revenue of $171.70 million for the quarter, compared to analysts’ expectations of $164.29 million. Spirit Realty Capital had a net margin of 15.36% and a return on equity of 2.91%. Spirit Realty Capital’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 EPS. On average, analysts expect that Spirit Realty Capital will post $0.87 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 5.54%. The ex-dividend date was Wednesday, September 28th. Spirit Realty Capital’s dividend payout ratio is presently 304.36%.
In other news, CEO Thomas H. Nolan, Jr. sold 15,000 shares of the company’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 sale, the chief executive officer now directly owns 858,186 shares of the company’s stock, valued at approximately $11,353,800.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Bayesian Capital Management LP purchased a new stake in shares of Spirit Realty Capital during the first quarter valued at approximately $119,000. Boothbay Fund Management LLC purchased a new stake in shares of Spirit Realty Capital during the first quarter valued at approximately $127,000. National Planning Corp purchased a new stake in shares of Spirit Realty Capital during the first quarter valued at approximately $133,000. Acadian Asset Management LLC purchased a new stake in shares of Spirit Realty Capital during the second quarter valued at approximately $137,000. Finally, New England Investment & Retirement Group Inc. purchased a new stake in shares of Spirit Realty Capital during the second quarter valued at approximately $139,000. 95.35% of the stock is currently owned by hedge funds and other institutional investors.
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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