Zacks: Analysts Anticipate Spirit Realty Capital, Inc. (SRC) to Announce $0.20 EPS
Equities research analysts predict that Spirit Realty Capital, Inc. (NYSE:SRC) will post earnings per share of $0.20 for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Spirit Realty Capital’s earnings, with estimates ranging from $0.20 to $0.22. Spirit Realty Capital posted earnings of $0.06 per share in the same quarter last year, which would indicate a positive year over year growth rate of 233.3%. The firm is expected to report its next quarterly earnings report before the market opens on Thursday, November 2nd.
On average, analysts expect that Spirit Realty Capital will report full year earnings of $0.80 per share for the current financial year, with EPS estimates ranging from $0.76 to $0.82. For the next year, analysts anticipate that the business will post earnings of $0.81 per share, with EPS estimates ranging from $0.75 to $0.86. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that cover Spirit Realty Capital.
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 business had revenue of $168.65 million for the quarter, compared to analyst estimates of $163.19 million. During the same period in the previous year, the business posted $0.22 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year.
Several brokerages have commented on SRC. Royal Bank Of Canada raised their price target on shares of Spirit Realty Capital from $8.00 to $9.00 and gave the company a “sector perform” rating in a research report on Friday, August 4th. ValuEngine cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub raised shares of Spirit Realty Capital from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Mizuho raised shares of Spirit Realty Capital from a “neutral” rating to a “buy” rating and raised their price target for the company from $7.50 to $9.00 in a research report on Thursday, August 31st. Finally, Zacks Investment Research raised shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $9.70.
Spirit Realty Capital (NYSE SRC) opened at 8.08 on Monday. Spirit Realty Capital has a 52 week low of $6.64 and a 52 week high of $12.66. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 61.21 and a beta of 0.53. The stock’s 50 day moving average is $8.55 and its 200-day moving average is $8.30.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 8.91%. Spirit Realty Capital’s dividend payout ratio (DPR) is currently 514.29%.
Spirit Realty Capital announced that its board has initiated a stock buyback program 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 repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In other news, Director Todd A. Dunn acquired 14,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was acquired at an average cost of $8.49 per share, with a total value of $118,860.00. Following the transaction, the director now owns 64,560 shares in the company, valued at $548,114.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Phillip D. Joseph, Jr. acquired 3,636 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were purchased at an average cost of $8.25 per share, with a total value 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 disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 24,697 shares of company stock valued at $207,130. Corporate insiders own 0.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in shares of Spirit Realty Capital by 2,184.7% during the 3rd quarter. Meeder Asset Management Inc. now owns 41,832 shares of the real estate investment trust’s stock worth $358,000 after purchasing an additional 40,001 shares during the last quarter. Orinda Asset Management LLC lifted its position in shares of Spirit Realty Capital by 42.0% during the 3rd quarter. Orinda Asset Management LLC now owns 161,447 shares of the real estate investment trust’s stock worth $1,384,000 after purchasing an additional 47,775 shares during the last quarter. Quantitative Systematic Strategies LLC lifted its position in shares of Spirit Realty Capital by 499.8% during the 3rd quarter. Quantitative Systematic Strategies LLC now owns 103,810 shares of the real estate investment trust’s stock worth $890,000 after purchasing an additional 86,504 shares during the last quarter. Davidson Kempner Capital Management LP purchased a new stake in shares of Spirit Realty Capital during the 2nd quarter worth $30,863,000. Finally, Cetera Investment Advisers purchased a new stake in shares of Spirit Realty Capital during the 2nd quarter worth $376,000. 94.51% of the stock is owned by institutional investors and hedge funds.
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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