American International Group Inc. cut its stake in shares of Spirit Realty Capital, Inc (NYSE:SRC) by 10.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,772 shares of the real estate investment trust’s stock after selling 1,478 shares during the period. American International Group Inc.’s holdings in Spirit Realty Capital were worth $129,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Comerica Bank raised its position in shares of Spirit Realty Capital by 12.4% in the first quarter. Comerica Bank now owns 42,816 shares of the real estate investment trust’s stock valued at $420,000 after buying an additional 4,729 shares in the last quarter. Princeton Alpha Management LP bought a new position in shares of Spirit Realty Capital during the first quarter valued at approximately $822,000. Canada Pension Plan Investment Board increased its stake in Spirit Realty Capital by 102.2% in the first quarter. Canada Pension Plan Investment Board now owns 81,100 shares of the real estate investment trust’s stock valued at $822,000 after buying an additional 41,000 shares during the last quarter. BB&T Corp increased its stake in Spirit Realty Capital by 10.4% in the first quarter. BB&T Corp now owns 31,222 shares of the real estate investment trust’s stock valued at $316,000 after buying an additional 2,937 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD increased its stake in Spirit Realty Capital by 13.0% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 1,486,418 shares of the real estate investment trust’s stock valued at $15,057,000 after buying an additional 170,865 shares during the last quarter.
Shares of Spirit Realty Capital, Inc (NYSE SRC) opened at 8.41 on Friday. The firm has a market cap of $3.86 billion, a P/E ratio of 63.71 and a beta of 0.55. Spirit Realty Capital, Inc has a 12-month low of $6.64 and a 12-month high of $13.95. The firm has a 50-day moving average price of $7.94 and a 200-day moving average price of $8.92.
Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 business had revenue of $168.65 million during the quarter, compared to analyst estimates of $163.19 million. During the same quarter in the prior year, the firm posted $0.22 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. On average, equities research analysts expect that Spirit Realty Capital, Inc will post $0.21 earnings per share for the current fiscal year.
Spirit Realty Capital announced that its board has approved a stock buyback 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 purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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SRC has been the subject of several research analyst reports. Ladenburg Thalmann Financial Services downgraded Spirit Realty Capital from a “buy” rating to a “neutral” rating in a report on Thursday, May 4th. BidaskClub raised Spirit Realty Capital from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Morgan Stanley downgraded Spirit Realty Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $11.50 to $8.40 in a report on Tuesday, May 9th. Sandler O’Neill downgraded Spirit Realty Capital from a “buy” rating to a “hold” rating and decreased their price target for the stock from $13.00 to $9.00 in a report on Thursday, May 4th. Finally, Mizuho downgraded Spirit Realty Capital from a “neutral” rating to an “underperform” rating in a report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $10.60.
In other news, Director Todd A. Dunn bought 14,000 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were bought at an average cost of $8.49 per share, with a total value of $118,860.00. Following the transaction, the director now directly owns 64,560 shares in the company, valued at approximately $548,114.40. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Phillip D. Joseph, Jr. bought 6,700 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average price of $7.47 per share, with a total value of $50,049.00. Following the purchase, the chief financial officer now owns 134,868 shares in the company, valued at $1,007,463.96. The disclosure for this purchase can be found here. Insiders have purchased 68,497 shares of company stock worth $528,508 over the last three months. 0.50% of the stock is owned by insiders.
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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