Spirit Realty Capital, Inc. (SRC) to Issue $0.18 Quarterly Dividend
Spirit Realty Capital, Inc. (NYSE:SRC) declared a quarterly dividend on Friday, June 16th, Wall Street Journal reports. Stockholders of record on Friday, June 30th will be paid a dividend of 0.18 per share by the real estate investment trust on Friday, July 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 9.29%. The ex-dividend date of this dividend is Wednesday, June 28th.
Spirit Realty Capital has decreased its dividend payment by an average of 15.2% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Spirit Realty Capital has a payout ratio of 90.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Spirit Realty Capital to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 88.9%.
Shares of Spirit Realty Capital (NYSE:SRC) traded up 0.065% during trading on Friday, hitting $7.755. The stock had a trading volume of 4,529,573 shares. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of 43.083 and a beta of 0.54. Spirit Realty Capital has a 52 week low of $6.64 and a 52 week high of $13.97. The company’s 50 day moving average price is $7.65 and its 200 day moving average price is $9.84.
Spirit Realty Capital (NYSE:SRC) last posted its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by $0.02. Spirit Realty Capital had a net margin of 13.28% and a return on equity of 2.10%. The firm had revenue of $163.19 million during the quarter, compared to analysts’ expectations of $169.84 million. Analysts predict that Spirit Realty Capital will post $0.23 earnings per share for the current year.
TRADEMARK VIOLATION NOTICE: This piece was first posted by American Banking News and is owned by of American Banking News. If you are reading this piece on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2017/06/16/spirit-realty-capital-inc-src-to-issue-0-18-quarterly-dividend.html.
In other news, CFO Phillip D. Joseph, Jr. bought 6,700 shares of Spirit Realty Capital stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average price of $7.47 per share, with a total value of $50,049.00. Following the completion of the purchase, the chief financial officer now directly owns 134,868 shares in the company, valued at $1,007,463.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jackson Hsieh bought 13,400 shares of Spirit Realty Capital stock in a transaction that occurred on Monday, June 5th. The stock was purchased at an average cost of $7.45 per share, for a total transaction of $99,830.00. Following the purchase, the insider now owns 559,453 shares of the company’s stock, valued at $4,167,924.85. The disclosure for this purchase can be found here. In the last three months, insiders purchased 43,800 shares of company stock worth $321,378. 0.50% of the stock is owned by insiders.
Several equities analysts recently commented on SRC shares. Zacks Investment Research upgraded Spirit Realty Capital from a “sell” rating to a “hold” rating in a research note on Friday, March 3rd. TheStreet downgraded Spirit Realty Capital from a “b-” rating to a “c+” rating in a research report on Wednesday, March 15th. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Spirit Realty Capital in a research report on Tuesday, March 21st. J P Morgan Chase & Co downgraded Spirit Realty Capital from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $13.00 to $9.00 in a research report on Thursday, May 4th. Finally, Janney Montgomery Scott downgraded Spirit Realty Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, May 4th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $12.04.
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.
Receive News & Ratings for Spirit Realty Capital Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Realty Capital Inc. and related companies with MarketBeat.com's FREE daily email newsletter.