Spirit Realty Capital’s (SRC) Hold Rating Reiterated at SunTrust Banks, Inc.
Spirit Realty Capital, Inc. (NYSE:SRC)‘s stock had its “hold” rating reaffirmed by equities research analysts at SunTrust Banks, Inc. in a research note issued on Friday. They currently have a $8.50 target price on the real estate investment trust’s stock.
SRC has been the subject of several other reports. Royal Bank Of Canada upped 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 lowered shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub upgraded shares of Spirit Realty Capital from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Mizuho upgraded shares of Spirit Realty Capital from a “neutral” rating to a “buy” rating and upped their price target for the company from $7.50 to $9.00 in a research report on Thursday, August 31st. Finally, Zacks Investment Research upgraded shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $9.85.
Shares of Spirit Realty Capital (NYSE SRC) opened at $8.50 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market capitalization of $3,897.92, a PE ratio of 10.06 and a beta of 0.56.
Spirit Realty Capital (NYSE:SRC) last announced its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. Spirit Realty Capital had a net margin of 6.25% and a return on equity of 1.33%. The company had revenue of $168.65 million during the quarter, compared to analyst estimates of $163.19 million. During the same period in the previous year, the business earned $0.22 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. research analysts anticipate that Spirit Realty Capital will post 0.8 earnings per share for the current year.
Spirit Realty Capital declared that its Board of Directors has approved a stock 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
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In other news, CFO Phillip D. Joseph, Jr. acquired 3,636 shares of the stock in a transaction dated Monday, August 7th. The stock was purchased at an average cost of $8.25 per share, with a total value of $29,997.00. Following the completion of the purchase, the chief financial officer now owns 138,504 shares in the company, valued at approximately $1,142,658. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Phillip D. Joseph, Jr. acquired 6,061 shares of the stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average cost of $8.25 per share, with a total value of $50,003.25. Following the completion of the purchase, the chief financial officer now owns 138,504 shares of the company’s stock, 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. Insiders own 0.50% of the company’s stock.
Large investors have recently modified their holdings of the company. New England Investment & Retirement Group Inc. bought a new position in Spirit Realty Capital in the second quarter worth about $100,000. Vivaldi Capital Management LLC bought a new position in Spirit Realty Capital in the second quarter worth about $111,000. PNC Financial Services Group Inc. raised its stake in 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 worth $119,000 after buying an additional 2,265 shares in the last quarter. Chicago Equity Partners LLC bought a new position in Spirit Realty Capital in the second quarter worth about $119,000. Finally, Harvest Fund Management Co. Ltd raised its stake in Spirit Realty Capital by 123.3% in the second quarter. Harvest Fund Management Co. Ltd now owns 16,662 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 9,200 shares in the last quarter. 94.72% of the stock is owned by hedge funds and other institutional investors.
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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