Spirit Realty Capital, Inc. (SRC) Given New $9.00 Price Target at Royal Bank Of Canada
Spirit Realty Capital, Inc. (NYSE:SRC) had its target price raised by Royal Bank Of Canada from $8.00 to $9.00 in a report released on Friday morning, MarketBeat reports. They currently have a sector perform rating on the real estate investment trust’s stock.
Several other equities research analysts also recently issued reports on the company. BidaskClub upgraded Spirit Realty Capital from a hold rating to a buy rating in a research report on Monday, July 31st. Zacks Investment Research upgraded Spirit Realty Capital from a sell rating to a hold rating in a research report on Thursday, July 27th. Mizuho upgraded Spirit Realty Capital from an underperform rating to a neutral rating and set a $7.50 price objective on the stock in a research report on Monday, July 10th. ValuEngine downgraded Spirit Realty Capital from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, Morgan Stanley downgraded Spirit Realty Capital from an overweight rating to an equal weight rating and lowered their price objective for the stock from $11.50 to $8.40 in a research report on Tuesday, May 9th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $11.34.
Shares of Spirit Realty Capital (NYSE SRC) traded up 3.22% during trading on Friday, reaching $8.34. The company’s stock had a trading volume of 32,926,810 shares. The stock has a market cap of $4.04 billion, a P/E ratio of 46.33 and a beta of 0.55. The stock has a 50-day moving average of $7.66 and a 200-day moving average of $9.11. Spirit Realty Capital has a 52-week low of $6.64 and a 52-week high of $13.97.
Spirit Realty Capital (NYSE:SRC) last posted 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. The firm had revenue of $168.65 million for the quarter, compared to the consensus estimate of $163.19 million. Spirit Realty Capital had a return on equity of 1.70% and a net margin of 9.47%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.22 earnings per share. Analysts predict that Spirit Realty Capital will post $0.23 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a $0.18 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.72 dividend on an annualized basis and a yield of 8.63%. Spirit Realty Capital’s dividend payout ratio is presently 514.29%.
In other news, CFO Phillip D. Joseph, Jr. bought 6,700 shares of Spirit Realty Capital 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 completion of the purchase, the chief financial officer now directly owns 134,868 shares in the company, valued at $1,007,463.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jackson Hsieh bought 13,400 shares of Spirit Realty Capital stock in a transaction that occurred on Monday, June 5th. The stock was purchased at an average cost of $7.45 per share, for a total transaction of $99,830.00. Following the purchase, the insider now owns 559,453 shares of the company’s stock, valued at $4,167,924.85. The disclosure for this purchase can be found here. In the last three months, insiders purchased 43,800 shares of company stock worth $321,378. 0.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Financial Private Capital LLC purchased a new position in Spirit Realty Capital during the first quarter worth approximately $274,000. Schroder Investment Management Group boosted its position in Spirit Realty Capital by 16.4% in the first quarter. Schroder Investment Management Group now owns 44,267 shares of the real estate investment trust’s stock worth $444,000 after buying an additional 6,244 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in Spirit Realty Capital during the first quarter worth approximately $221,000. Stevens Capital Management LP purchased a new position in Spirit Realty Capital during the first quarter worth approximately $1,481,000. Finally, Goodwin Daniel L boosted its position in Spirit Realty Capital by 285.7% in the second quarter. Goodwin Daniel L now owns 67,503 shares of the real estate investment trust’s stock worth $500,000 after buying an additional 50,000 shares in the last quarter. 99.93% of the stock is currently owned by institutional investors and hedge funds.
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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