Spirit Realty Capital (SRC) to Buyback $250.00 million in Shares
Spirit Realty Capital (NYSE:SRC) declared that its board has authorized a share buyback plan, which authorizes the company to repurchase $250.00 million in shares on Monday, August 14th, EventVestor reports. This repurchase authorization authorizes the real estate investment trust to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Spirit Realty Capital (NYSE SRC) traded up 2.59% during mid-day trading on Wednesday, reaching $8.70. The company had a trading volume of 16,686,386 shares. Spirit Realty Capital has a one year low of $6.64 and a one year high of $13.95. The company’s 50-day moving average is $7.85 and its 200-day moving average is $8.94. The stock has a market capitalization of $3.99 billion, a PE ratio of 65.91 and a beta of 0.55.
Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.01. Spirit Realty Capital had a return on equity of 1.74% and a net margin of 9.47%. The business had revenue of $168.65 million during the quarter, compared to analyst estimates of $163.19 million. During the same period in the prior year, the company earned $0.22 earnings per share. Spirit Realty Capital’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts anticipate that Spirit Realty Capital will post $0.22 earnings per share for the current year.
A number of analysts have recently issued reports on SRC shares. Morgan Stanley cut Spirit Realty Capital from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $11.50 to $8.40 in a research report on Tuesday, May 9th. Janney Montgomery Scott cut Spirit Realty Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, May 4th. Ladenburg Thalmann Financial Services cut Spirit Realty Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, May 4th. Bank of America Corporation raised Spirit Realty Capital from an “underperform” rating to a “buy” rating and raised their price objective for the company from $6.50 to $9.75 in a research report on Wednesday. Finally, ValuEngine cut Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. Spirit Realty Capital currently has an average rating of “Hold” and an average price target of $10.60.
In other news, CFO Phillip D. Joseph, Jr. acquired 6,700 shares of Spirit Realty Capital stock in a transaction on Friday, June 2nd. The stock was acquired at an average cost of $7.47 per share, with a total value of $50,049.00. Following the completion of the acquisition, the chief financial officer now owns 134,868 shares in the company, valued at $1,007,463.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Phillip D. Joseph, Jr. acquired 6,061 shares of Spirit Realty Capital stock in a transaction on Tuesday, August 8th. The shares were purchased at an average cost of $8.25 per share, with a total value of $50,003.25. Following the completion of the acquisition, the chief financial officer now owns 138,504 shares of the company’s stock, valued at approximately $1,142,658. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 68,497 shares of company stock valued at $528,508. 0.50% of the stock is owned by corporate insiders.
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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