Zacks Investment Research lowered shares of Spirit Realty Capital (NYSE:SRC) from a hold rating to a sell rating in a report issued on Friday morning.

According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single tenant, operationally essential real estate where the tenants conduct retail, service or distribution activities. The Company has investments throughout the United States. Its portfolio of properties is leased to tenants operating in different industries which includes restaurants; general, specialty and discount retailers; movie theatres; education facilities; health, fitness and recreational facilities; automotive dealers, parts and service facilities; and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “

Several other equities research analysts have also recently issued reports on SRC. Raymond James cut Spirit Realty Capital from a market perform rating to an underperform rating in a research note on Thursday. ValuEngine raised Spirit Realty Capital from a sell rating to a hold rating in a research note on Wednesday. Finally, Bank of America cut Spirit Realty Capital from a neutral rating to an underperform rating and set a $8.00 target price for the company. in a research note on Thursday, November 15th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Spirit Realty Capital presently has an average rating of Hold and a consensus price target of $8.71.

Shares of NYSE:SRC traded down $0.22 during midday trading on Friday, hitting $7.66. The company had a trading volume of 11,292,047 shares, compared to its average volume of 5,656,478. Spirit Realty Capital has a twelve month low of $7.22 and a twelve month high of $8.84. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market cap of $3.38 billion, a PE ratio of 9.01 and a beta of 0.35.

Spirit Realty Capital shares are going to reverse split before the market opens on Thursday, December 13th. The 1-5 reverse split was announced on Tuesday, November 13th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, December 12th.

Spirit Realty Capital (NYSE:SRC) last posted its quarterly earnings results on Monday, November 5th. The real estate investment trust reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. Spirit Realty Capital had a return on equity of 4.27% and a net margin of 20.95%. The firm had revenue of $109.64 million during the quarter, compared to analysts’ expectations of $101.43 million. During the same quarter last year, the firm earned $0.21 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. As a group, analysts predict that Spirit Realty Capital will post 0.72 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be paid a dividend of $0.125 per share. The ex-dividend date is Friday, December 28th. This represents a $0.50 annualized dividend and a yield of 6.53%. Spirit Realty Capital’s dividend payout ratio (DPR) is 58.82%.

In other news, CEO Jackson Hsieh sold 28,700 shares of the firm’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $8.10, for a total transaction of $232,470.00. Following the completion of the transaction, the chief executive officer now directly owns 1,153,557 shares in the company, valued at $9,343,811.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Michael C. Hughes purchased 13,605 shares of the stock in a transaction dated Friday, November 30th. The shares were purchased at an average price of $7.35 per share, with a total value of $99,996.75. Following the completion of the transaction, the chief financial officer now owns 103,525 shares of the company’s stock, valued at $760,908.75. The disclosure for this purchase can be found here. 0.48% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRC. New York State Teachers Retirement System purchased a new position in shares of Spirit Realty Capital during the second quarter worth $326,000. First Trust Advisors LP boosted its position in shares of Spirit Realty Capital by 11.5% during the second quarter. First Trust Advisors LP now owns 272,082 shares of the real estate investment trust’s stock worth $2,185,000 after buying an additional 28,168 shares during the period. Barings LLC purchased a new position in shares of Spirit Realty Capital during the second quarter worth $278,000. Clear Harbor Asset Management LLC purchased a new position in shares of Spirit Realty Capital during the second quarter worth $108,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Spirit Realty Capital by 72.0% during the second quarter. Robeco Institutional Asset Management B.V. now owns 195,884 shares of the real estate investment trust’s stock worth $1,573,000 after buying an additional 81,984 shares during the period. Institutional investors and hedge funds own 91.42% of the company’s stock.

Spirit Realty Capital Company Profile

Spirit Realty Capital, Inc (NYSE: SRC) is a premier net-lease REIT that primarily invests in high-quality, operationally essential real estate, subject to long-term net leases. Over the past decade, Spirit has become an industry leader and owner of income-producing, strategically located retail, industrial, office and data center properties.

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