$160.65 Million in Sales Expected for Spirit Realty Capital, Inc. (SRC) This Quarter
Analysts expect that Spirit Realty Capital, Inc. (NYSE:SRC) will post $160.65 million in sales for the current quarter, according to Zacks. Six analysts have provided estimates for Spirit Realty Capital’s earnings, with the highest sales estimate coming in at $164.09 million and the lowest estimate coming in at $159.60 million. Spirit Realty Capital posted sales of $165.23 million during the same quarter last year, which would indicate a negative year over year growth rate of 2.8%. The business is scheduled to report its next quarterly earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that Spirit Realty Capital will report full year sales of $160.65 million for the current year, with estimates ranging from $644.08 million to $661.65 million. For the next financial year, analysts forecast that the business will report sales of $641.79 million per share, with estimates ranging from $612.01 million to $674.33 million. Zacks’ sales calculations are an average based on a survey of research firms that cover Spirit Realty Capital.
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 (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $168.65 million for the quarter, compared to analysts’ expectations of $163.19 million. During the same quarter in the prior year, the firm posted $0.22 earnings per share. Spirit Realty Capital’s revenue for the quarter was down 1.8% compared to the same quarter last year.
A number of equities research analysts recently weighed in on SRC shares. BidaskClub raised Spirit Realty Capital from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Bank of America Corporation raised Spirit Realty Capital from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $6.50 to $9.75 in a research report on Wednesday, August 16th. Mizuho raised Spirit Realty Capital from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $7.50 to $9.00 in a research report on Thursday, August 31st. ValuEngine downgraded Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Ladenburg Thalmann Financial Services reissued a “hold” rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $9.92.
Shares of Spirit Realty Capital (NYSE:SRC) opened at 8.74 on Friday. The firm has a market cap of $4.01 billion, a PE ratio of 66.21 and a beta of 0.53. Spirit Realty Capital has a 52 week low of $6.64 and a 52 week high of $13.86. The firm’s 50-day moving average price is $8.44 and its 200 day moving average price is $8.63.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 8.24%. The ex-dividend date of this dividend is Thursday, September 28th. Spirit Realty Capital’s dividend payout ratio is 514.29%.
Spirit Realty Capital declared that its Board of Directors has approved a share repurchase program on Monday, August 14th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, Director Todd A. Dunn bought 14,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was bought at an average price of $8.49 per share, for a total transaction of $118,860.00. Following the completion of the purchase, the director now owns 64,560 shares of the company’s stock, valued at approximately $548,114.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 purchased at an average price of $8.25 per share, with a total value of $29,997.00. Following the purchase, the chief financial officer now directly owns 138,504 shares of the company’s stock, valued at approximately $1,142,658. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 24,697 shares of company stock valued at $207,130. Corporate insiders own 0.50% of the company’s stock.
Several large investors have recently bought and sold shares of SRC. New England Investment & Retirement Group Inc. bought a new position in shares of Spirit Realty Capital in the second quarter valued at approximately $100,000. Janney Montgomery Scott LLC bought a new position in shares of Spirit Realty Capital in the first quarter valued at approximately $109,000. Vivaldi Capital Management LLC bought a new position in shares of Spirit Realty Capital in the second quarter valued at approximately $111,000. Penserra Capital Management LLC raised its stake in shares of Spirit Realty Capital by 51.5% in the first quarter. Penserra Capital Management LLC now owns 11,730 shares of the real estate investment trust’s stock valued at $118,000 after acquiring an additional 3,986 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Spirit Realty Capital by 24.0% in the first quarter. PNC Financial Services Group Inc. now owns 11,684 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 2,265 shares during the last quarter. Institutional investors own 94.38% of the company’s stock.
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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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