Analysts Anticipate Spirit Realty Capital, Inc. (SRC) Will Post Quarterly Sales of $161.85 Million
Brokerages expect that Spirit Realty Capital, Inc. (NYSE:SRC) will announce $161.85 million in sales for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for Spirit Realty Capital’s earnings. The highest sales estimate is $166.62 million and the lowest is $158.76 million. Spirit Realty Capital posted sales of $165.23 million in the same quarter last year, which would indicate a negative year over year growth rate of 2%. The firm is scheduled to report its next earnings report on Wednesday, November 1st.
On average, analysts expect that Spirit Realty Capital will report full-year sales of $161.85 million for the current fiscal year, with estimates ranging from $642.34 million to $667.08 million. For the next fiscal year, analysts anticipate that the business will report sales of $643.56 million per share, with estimates ranging from $608.03 million to $674.33 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts 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 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The firm had revenue of $168.65 million for the quarter, compared to the consensus estimate of $163.19 million. Spirit Realty Capital had a net margin of 9.47% and a return on equity of 1.74%. The company’s revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm earned $0.22 EPS.
Several analysts recently weighed in on the stock. ValuEngine cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, September 1st. 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. BidaskClub raised shares of Spirit Realty Capital from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 17th. 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. Finally, Zacks Investment Research cut shares of Spirit Realty Capital from a “hold” rating to a “sell” rating in a report on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $9.92.
Shares of Spirit Realty Capital (SRC) opened at 8.52 on Friday. Spirit Realty Capital has a 12 month low of $6.64 and a 12 month high of $12.77. The stock’s 50 day moving average is $8.57 and its 200 day moving average is $8.44. The company has a market capitalization of $3.91 billion, a P/E ratio of 64.55 and a beta of 0.53.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 8.45%. Spirit Realty Capital’s dividend payout ratio (DPR) is presently 514.29%.
Spirit Realty Capital declared that its Board of Directors has initiated a share repurchase program on Monday, August 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
In other Spirit Realty Capital news, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the stock in a transaction dated Monday, August 7th. The shares were acquired at an average cost of $8.25 per share, for a total transaction of $29,997.00. Following the completion of the transaction, the chief financial officer now owns 138,504 shares in the company, valued at approximately $1,142,658. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd A. Dunn bought 14,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were acquired at an average price of $8.49 per share, for a total transaction of $118,860.00. Following the completion of the transaction, the director now owns 64,560 shares of the company’s stock, valued at approximately $548,114.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 24,697 shares of company stock worth $207,130. Insiders own 0.50% of the company’s stock.
A number of large investors have recently bought and sold shares of SRC. Lasalle Investment Management Securities LLC grew its position in Spirit Realty Capital by 52.2% in the 2nd quarter. Lasalle Investment Management Securities LLC now owns 22,481,416 shares of the real estate investment trust’s stock valued at $166,587,000 after buying an additional 7,707,615 shares during the last quarter. V3 Capital Management L.P. grew its position in Spirit Realty Capital by 96.9% in the 2nd quarter. V3 Capital Management L.P. now owns 9,642,585 shares of the real estate investment trust’s stock valued at $71,452,000 after buying an additional 4,745,800 shares during the last quarter. Gruss Capital Management LP purchased a new position in Spirit Realty Capital in the 2nd quarter valued at $35,012,000. Prudential Financial Inc. grew its position in Spirit Realty Capital by 55.5% in the 2nd quarter. Prudential Financial Inc. now owns 12,337,803 shares of the real estate investment trust’s stock valued at $91,423,000 after buying an additional 4,403,654 shares during the last quarter. Finally, Davidson Kempner Capital Management LP purchased a new position in Spirit Realty Capital in the 2nd quarter valued at $30,863,000. Hedge funds and other institutional investors own 94.12% of the company’s stock.
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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