BidaskClub upgraded shares of Spirit Realty Capital, Inc. (NYSE:SRC) from a hold rating to a buy rating in a report published on Monday, July 31st.
SRC has been the topic of several other reports. Deutsche Bank AG reaffirmed a buy rating and set a $10.00 price objective (down from $14.00) on shares of Spirit Realty Capital in a research note on Friday, May 5th. Morgan Stanley cut shares of Spirit Realty Capital from an overweight rating to an equal weight rating and decreased their price objective for the stock from $11.50 to $8.40 in a research note on Tuesday, May 9th. Sandler O’Neill cut shares of Spirit Realty Capital from a buy rating to a hold rating and decreased their price objective for the stock from $13.00 to $9.00 in a research note on Thursday, May 4th. ValuEngine cut shares of Spirit Realty Capital from a buy rating to a hold rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research raised shares of Spirit Realty Capital from a sell rating to a hold rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $10.60.
Shares of Spirit Realty Capital (SRC) opened at 8.41 on Monday. The stock has a 50 day moving average price of $7.94 and a 200-day moving average price of $8.92. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 63.71 and a beta of 0.55. Spirit Realty Capital has a 52 week low of $6.64 and a 52 week high of $13.95.
Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analyst estimates of $163.19 million. During the same quarter in the prior year, the business earned $0.22 earnings per share. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, analysts anticipate that Spirit Realty Capital will post $0.21 EPS for the current year.
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Spirit Realty Capital declared 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other Spirit Realty Capital news, Director Todd A. Dunn acquired 14,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average price of $8.49 per share, for a total transaction of $118,860.00. Following the purchase, the director now directly owns 64,560 shares of the company’s stock, valued at $548,114.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Phillip D. Joseph, Jr. bought 6,700 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was purchased at an average price of $7.47 per share, with a total value of $50,049.00. Following the completion of the transaction, the chief financial officer now directly owns 134,868 shares in the company, valued at approximately $1,007,463.96. The disclosure for this purchase can be found here. In the last three months, insiders bought 68,497 shares of company stock valued at $528,508. Insiders own 0.50% of the company’s stock.
Several large investors have recently made changes to their positions in SRC. Princeton Alpha Management LP bought a new stake in shares of Spirit Realty Capital during the first quarter valued at about $822,000. Canada Pension Plan Investment Board raised 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 worth $822,000 after buying an additional 41,000 shares during the last quarter. BB&T Corp raised 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 worth $316,000 after buying an additional 2,937 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised 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 worth $15,057,000 after buying an additional 170,865 shares during the last quarter. Finally, DUPONT CAPITAL MANAGEMENT Corp acquired a new stake in Spirit Realty Capital during the first quarter worth $1,049,000.
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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