Spirit Realty Capital Inc. (SRC) Lowered 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 note issued to investors 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. “
SRC has been the subject of a number of other research reports. Wunderlich raised their price objective on Spirit Realty Capital from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. Morgan Stanley upgraded Spirit Realty Capital from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $11.00 to $15.00 in a research note on Wednesday, September 7th. Janney Montgomery Scott assumed coverage on Spirit Realty Capital in a research note on Wednesday, September 7th. They issued a “buy” rating and a $14.50 target price for the company. They noted that the move was a valuation call. Mizuho assumed coverage on Spirit Realty Capital in a research note on Thursday, October 13th. They issued a “buy” rating and a $14.50 target price for the company. Finally, BTIG Research assumed coverage on Spirit Realty Capital in a research note on Thursday, August 25th. They issued a “buy” rating and a $15.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. Spirit Realty Capital presently has a consensus rating of “Buy” and an average price target of $13.18.
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Shares of Spirit Realty Capital (NYSE:SRC) opened at 12.64 on Wednesday. Spirit Realty Capital has a 12-month low of $8.90 and a 12-month high of $13.97. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 56.43 and a beta of 0.54. The firm’s 50-day moving average price is $13.05 and its 200 day moving average price is $12.47.
Spirit Realty Capital (NYSE:SRC) last announced its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. The business had revenue of $171.70 million for the quarter, compared to analysts’ expectations of $164.29 million. Spirit Realty Capital had a return on equity of 2.91% and a net margin of 15.36%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. On average, analysts predict that Spirit Realty Capital will post $0.87 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 5.54%. Spirit Realty Capital’s dividend payout ratio (DPR) is 304.36%.
In other news, CEO Thomas H. Nolan, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $13.23, for a total transaction of $198,450.00. Following the completion of the transaction, the chief executive officer now directly owns 858,186 shares of the company’s stock, valued at approximately $11,353,800.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.50% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Sheaff Brock Investment Advisors LLC boosted its position in shares of Spirit Realty Capital by 1.5% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 14,373 shares of the real estate investment trust’s stock worth $184,000 after buying an additional 214 shares during the period. BlackRock Japan Co. Ltd boosted its position in shares of Spirit Realty Capital by 1.7% in the first quarter. BlackRock Japan Co. Ltd now owns 23,507 shares of the real estate investment trust’s stock worth $264,000 after buying an additional 384 shares during the period. Sigma Planning Corp boosted its position in shares of Spirit Realty Capital by 4.8% in the second quarter. Sigma Planning Corp now owns 20,652 shares of the real estate investment trust’s stock worth $264,000 after buying an additional 940 shares during the period. Public Employees Retirement Association of Colorado boosted its position in shares of Spirit Realty Capital by 1.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 93,163 shares of the real estate investment trust’s stock worth $1,190,000 after buying an additional 1,226 shares during the period. Finally, Forum Securities Ltd boosted its position in shares of Spirit Realty Capital by 1.0% in the second quarter. Forum Securities Ltd now owns 158,102 shares of the real estate investment trust’s stock worth $2,019,000 after buying an additional 1,600 shares during the period. 95.35% of the stock is owned by institutional investors and hedge funds.
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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