Alta Fundamental Advisers LLC bought a new position in shares of Spirit Realty Capital, Inc (NYSE:SRC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 150,000 shares of the real estate investment trust’s stock, valued at approximately $1,112,000. Spirit Realty Capital comprises about 1.0% of Alta Fundamental Advisers LLC’s investment portfolio, making the stock its 17th largest holding.
Several other institutional investors also recently modified their holdings of the company. Lasalle Investment Management Securities LLC lifted its holdings in Spirit Realty Capital by 52.2% in the second quarter. Lasalle Investment Management Securities LLC now owns 22,481,416 shares of the real estate investment trust’s stock valued at $166,587,000 after acquiring an additional 7,707,615 shares during the last quarter. V3 Capital Management L.P. lifted its holdings in Spirit Realty Capital by 96.9% in the second quarter. V3 Capital Management L.P. now owns 9,642,585 shares of the real estate investment trust’s stock valued at $71,452,000 after acquiring an additional 4,745,800 shares during the last quarter. Gruss Capital Management LP acquired a new position in Spirit Realty Capital in the second quarter valued at approximately $35,012,000. Prudential Financial Inc. lifted its holdings in Spirit Realty Capital by 55.5% in the second quarter. Prudential Financial Inc. now owns 12,337,803 shares of the real estate investment trust’s stock valued at $91,423,000 after acquiring an additional 4,403,654 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in Spirit Realty Capital by 177.9% in the first quarter. Nuveen Asset Management LLC now owns 5,056,051 shares of the real estate investment trust’s stock valued at $51,218,000 after acquiring an additional 3,236,793 shares during the last quarter. Institutional investors and hedge funds own 94.12% of the company’s stock.
Spirit Realty Capital, Inc (SRC) traded down 1.29% during mid-day trading on Friday, hitting $8.41. The stock had a trading volume of 3,753,675 shares. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 63.71 and a beta of 0.53. The company has a 50 day moving average price of $8.56 and a 200-day moving average price of $8.42. Spirit Realty Capital, Inc has a one year low of $6.64 and a one year high of $12.77.
Spirit Realty Capital (NYSE:SRC) last released its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $168.65 million for the quarter, compared to the consensus estimate of $163.19 million. During the same quarter in the previous year, the firm posted $0.22 EPS. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. Equities analysts expect that Spirit Realty Capital, Inc will post $0.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 8.56%. The ex-dividend date of this dividend is Thursday, September 28th. Spirit Realty Capital’s dividend payout ratio (DPR) is 514.29%.
Spirit Realty Capital announced that its board has authorized a stock buyback program on Monday, August 14th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the real estate investment trust to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
A number of research analysts recently commented on SRC shares. Mizuho upgraded Spirit Realty Capital from a “neutral” rating to a “buy” rating and upped their price objective for the company from $7.50 to $9.00 in a report on Thursday, August 31st. BidaskClub upgraded Spirit Realty Capital from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. ValuEngine cut Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Bank of America Corporation upgraded Spirit Realty Capital from an “underperform” rating to a “buy” rating and upped their price objective for the company from $6.50 to $9.75 in a report on Wednesday, August 16th. Finally, Ladenburg Thalmann Financial Services reiterated a “hold” rating on shares of Spirit Realty Capital in a report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $9.92.
In other news, CFO Phillip D. Joseph, Jr. purchased 3,636 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were purchased at an average price of $8.25 per share, with a total value of $29,997.00. Following the purchase, the chief financial officer now directly owns 138,504 shares of the company’s stock, valued at approximately $1,142,658. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd A. Dunn purchased 14,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were purchased at an average cost of $8.49 per share, for a total transaction of $118,860.00. Following the purchase, the director now directly owns 64,560 shares in the company, valued at $548,114.40. The disclosure for this purchase can be found here. Insiders have purchased a total of 24,697 shares of company stock worth $207,130 in the last ninety days. 0.50% of the stock is currently 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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