Spirit Realty Capital, Inc. (SRC) Set to Announce Quarterly Earnings on Tuesday
Spirit Realty Capital, Inc. (NYSE:SRC) is scheduled to be announcing its earnings results after the market closes on Tuesday, October 31st. Analysts expect the company to announce earnings of $0.07 per share for the quarter. Spirit Realty Capital has set its FY17 guidance at $0.80-0.84 EPS.
Spirit Realty Capital (NYSE:SRC) last issued its 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 return on equity of 1.74% and a net margin of 9.47%. The company had revenue of $168.65 million for the quarter, compared to analysts’ expectations of $163.19 million. During the same period last year, the business earned $0.22 EPS. Spirit Realty Capital’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts expect Spirit Realty Capital to post $0.8 EPS for the current fiscal year and $0.81 EPS for the next fiscal year.
Shares of Spirit Realty Capital, Inc. (NYSE:SRC) traded up 0.566% during trading on Tuesday, hitting $7.995. The company had a trading volume of 2,398,000 shares. The company’s 50 day moving average is $8.53 and its 200 day moving average is $8.26. The firm has a market capitalization of $3.66 billion, a P/E ratio of 60.568 and a beta of 0.53. Spirit Realty Capital, Inc. has a 1-year low of $6.64 and a 1-year high of $12.54.
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a $0.18 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.72 annualized dividend and a yield of 9.06%. Spirit Realty Capital’s payout ratio is 514.29%.
Spirit Realty Capital announced that its Board of Directors has authorized a stock buyback program on Monday, August 14th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Todd A. Dunn bought 14,000 shares of the company’s stock in a transaction on 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 completion of the acquisition, the director now owns 64,560 shares of the company’s stock, valued at approximately $548,114.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the company’s stock in a transaction on Monday, August 7th. The stock was bought 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 of the company’s stock, valued at approximately $1,142,658. The disclosure for this purchase can be found here. Insiders acquired 24,697 shares of company stock worth $207,130 over the last three months. Corporate insiders own 0.50% of the company’s stock.
SRC has been the topic of several recent research reports. ValuEngine cut Spirit Realty Capital from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Robert W. Baird reaffirmed a “buy” rating and issued a $10.00 price target on shares of Spirit Realty Capital in a research note on Friday. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of Spirit Realty Capital in a research note on Friday, August 4th. Royal Bank Of Canada upped their price target on Spirit Realty Capital from $8.00 to $9.00 and gave the stock a “sector perform” rating in a research note on Friday, August 4th. Finally, Zacks Investment Research raised Spirit Realty Capital from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research note on Thursday, October 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Spirit Realty Capital currently has an average rating of “Hold” and an average target price of $9.70.
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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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