Spirit Realty Capital, Inc (NYSE:SRC) announced a quarterly dividend on Monday, December 11th, Wall Street Journal reports. Shareholders of record on Friday, December 29th will be paid a dividend of 0.18 per share by the real estate investment trust on Friday, January 12th. This represents a $0.72 dividend on an annualized basis and a yield of 8.52%. The ex-dividend date of this dividend is Thursday, December 28th.

Spirit Realty Capital has decreased its dividend by an average of 15.2% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Spirit Realty Capital has a payout ratio of 88.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Spirit Realty Capital to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 88.9%.

Shares of Spirit Realty Capital (SRC) traded up $0.09 during mid-day trading on Monday, reaching $8.45. 2,059,300 shares of the company’s stock were exchanged, compared to its average volume of 10,051,021. The firm has a market capitalization of $3,852.33, a PE ratio of 9.94 and a beta of 0.56. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.19. Spirit Realty Capital has a 12-month low of $6.64 and a 12-month high of $11.29.

A number of analysts have recently issued reports on SRC shares. B. Riley restated a “buy” rating on shares of Spirit Realty Capital in a research note on Friday, November 3rd. Mizuho set a $9.00 target price on shares of Spirit Realty Capital and gave the stock a “buy” rating in a research note on Sunday, October 22nd. Bank of America upgraded shares of Spirit Realty Capital from an “underperform” rating to a “buy” rating and raised their target price for the stock from $6.50 to $9.75 in a research note on Wednesday, August 16th. Ladenburg Thalmann Financial Services restated a “hold” rating on shares of Spirit Realty Capital in a research note on Monday, November 13th. Finally, Zacks Investment Research cut shares of Spirit Realty Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, August 15th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.47.

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

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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.

Dividend History for Spirit Realty Capital (NYSE:SRC)

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