Spirit Realty Capital, Inc. (NYSE:SRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $9.50 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.63% from the company’s previous close.

According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single tenant, operationally essential real estate where the tenants conduct retail, service or distribution activities. The Company has investments throughout the United States. Its portfolio of properties is leased to tenants operating in different industries which includes restaurants; general, specialty and discount retailers; movie theatres; education facilities; health, fitness and recreational facilities; automotive dealers, parts and service facilities; and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “

A number of other brokerages have also recently issued reports on SRC. Bank of America Corporation raised shares of Spirit Realty Capital from an “underperform” rating to a “buy” rating and lifted their price target for the company from $6.50 to $9.75 in a research report on Wednesday, August 16th. Mizuho raised shares of Spirit Realty Capital from an “underperform” rating to a “neutral” rating and set a $7.50 price target for the company in a research report on Monday, July 10th. Ladenburg Thalmann Financial Services reissued a “hold” rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. BidaskClub raised shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a research report on Friday, July 14th. Finally, ValuEngine cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $9.88.

Shares of Spirit Realty Capital (NYSE SRC) opened at 8.51 on Thursday. Spirit Realty Capital has a 52-week low of $6.64 and a 52-week high of $12.77. The stock’s 50 day moving average is $8.56 and its 200 day moving average is $8.37. The company has a market capitalization of $3.90 billion, a P/E ratio of 64.47 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, beating 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 analysts’ expectations of $163.19 million. During the same period last year, the company posted $0.22 EPS. Spirit Realty Capital’s revenue was down 1.8% on a year-over-year basis. Equities analysts expect that Spirit Realty Capital will post $0.21 EPS for the current year.

Spirit Realty Capital announced that its board has authorized a share repurchase plan on Monday, August 14th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the real estate investment trust to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

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In related news, CFO Phillip D. Joseph, Jr. purchased 3,636 shares of Spirit Realty Capital stock in a transaction dated Monday, August 7th. The stock was purchased at an average cost of $8.25 per share, for a total transaction of $29,997.00. Following the completion of the purchase, the chief financial officer now directly owns 138,504 shares of the company’s stock, valued at approximately $1,142,658. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd A. Dunn purchased 14,000 shares of Spirit Realty Capital stock in a transaction dated Thursday, August 10th. The stock was bought at an average price of $8.49 per share, with a total value of $118,860.00. Following the completion of the purchase, the director now directly owns 64,560 shares of the company’s stock, valued at $548,114.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 24,697 shares of company stock valued at $207,130. 0.50% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Lasalle Investment Management Securities LLC grew its stake in shares of Spirit Realty Capital by 52.2% in the second quarter. Lasalle Investment Management Securities LLC now owns 22,481,416 shares of the real estate investment trust’s stock worth $166,587,000 after acquiring an additional 7,707,615 shares during the period. Principal Financial Group Inc. grew its stake in shares of Spirit Realty Capital by 4.5% in the second quarter. Principal Financial Group Inc. now owns 16,684,319 shares of the real estate investment trust’s stock worth $123,630,000 after acquiring an additional 715,603 shares during the period. Prudential Financial Inc. grew its stake in shares of Spirit Realty Capital by 55.5% in the second quarter. Prudential Financial Inc. now owns 12,337,803 shares of the real estate investment trust’s stock worth $91,423,000 after acquiring an additional 4,403,654 shares during the period. State Street Corp grew its stake in shares of Spirit Realty Capital by 2.4% in the second quarter. State Street Corp now owns 9,684,420 shares of the real estate investment trust’s stock worth $71,759,000 after acquiring an additional 223,928 shares during the period. Finally, V3 Capital Management L.P. grew its stake in shares of Spirit Realty Capital by 96.9% in the second quarter. V3 Capital Management L.P. now owns 9,642,585 shares of the real estate investment trust’s stock worth $71,452,000 after acquiring an additional 4,745,800 shares during the period. Hedge funds and other institutional investors own 94.63% of the company’s stock.

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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Analyst Recommendations for Spirit Realty Capital (NYSE:SRC)

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