Spirit Realty Capital, Inc. to Issue Quarterly Dividend of $0.18 (SRC)
Spirit Realty Capital, Inc. (NYSE:SRC) declared a quarterly dividend on Friday, September 15th, Wall Street Journal reports. Shareholders of record on Friday, September 29th will be paid a dividend of 0.18 per share by the real estate investment trust on Friday, October 13th. This represents a $0.72 dividend on an annualized basis and a yield of 8.24%. The ex-dividend date is Thursday, September 28th.
Spirit Realty Capital has decreased its dividend payment by an average of 15.2% annually over the last three years and has increased its dividend every year for the last 2 years. Spirit Realty Capital has a payout ratio of 90.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Spirit Realty Capital to earn $0.26 per share next year, which means the company may not be able to cover its $0.72 annual dividend with an expected future payout ratio of 276.9%.
Shares of Spirit Realty Capital (SRC) traded up 0.81% on Friday, reaching $8.74. 12,933,624 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $8.42 and a 200 day moving average of $8.64. Spirit Realty Capital has a one year low of $6.64 and a one year high of $13.86. The firm has a market capitalization of $4.01 billion, a P/E ratio of 66.21 and a beta of 0.53.
Spirit Realty Capital (NYSE:SRC) last issued its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. Spirit Realty Capital had a net margin of 9.47% and a return on equity of 1.74%. The company had revenue of $168.65 million during the quarter, compared to the consensus estimate of $163.19 million. During the same quarter in the previous year, the firm earned $0.22 earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. On average, equities research analysts predict that Spirit Realty Capital will post $0.21 EPS for the current year.
In other Spirit Realty Capital news, Director Todd A. Dunn bought 14,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were acquired at an average cost of $8.49 per share, with a total value of $118,860.00. Following the acquisition, the director now directly owns 64,560 shares of the company’s stock, valued at approximately $548,114.40. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was acquired at an average cost of $8.25 per share, for a total transaction of $29,997.00. Following the completion of the acquisition, the chief financial officer now directly owns 138,504 shares in the company, valued at $1,142,658. The disclosure for this purchase can be found here. Insiders bought a total of 24,697 shares of company stock worth $207,130 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.
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Spirit Realty Capital declared that its Board of Directors has initiated a share repurchase program on Monday, August 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
A number of research firms have weighed in on SRC. BidaskClub raised shares of Spirit Realty Capital from a “hold” rating to a “buy” rating in a report on Monday, July 31st. Bank of America Corporation raised shares of Spirit Realty Capital from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $6.50 to $9.75 in a report on Wednesday, August 16th. Mizuho raised shares of Spirit Realty Capital from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $7.50 to $9.00 in a report on Thursday, August 31st. ValuEngine cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Ladenburg Thalmann Financial Services reissued a “hold” rating on shares of Spirit Realty Capital in a report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $9.92.
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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