Zacks Investment Research cut shares of Spirit Realty Capital, Inc. (NYSE:SRC) from a buy rating to a hold rating in a research report released on Wednesday, October 18th.
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. “
A number of other equities analysts have also issued reports on the company. Mizuho upgraded Spirit Realty Capital from a neutral rating to a buy rating and raised their target price for the stock from $7.50 to $9.00 in a research note on Thursday, August 31st. BidaskClub upgraded Spirit Realty Capital from a sell rating to a hold rating in a research note on Tuesday, June 27th. ValuEngine lowered Spirit Realty Capital from a buy rating to a hold rating in a research note on Friday, September 1st. Bank of America Corporation upgraded Spirit Realty Capital from an underperform rating to a buy rating and lifted their price objective for the company from $6.50 to $9.75 in a research note on Wednesday, August 16th. Finally, Ladenburg Thalmann Financial Services restated a hold rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and an average target price of $9.85.
Shares of Spirit Realty Capital (NYSE:SRC) traded up $0.04 during mid-day trading on Wednesday, reaching $8.55. The company had a trading volume of 4,796,361 shares, compared to its average volume of 9,882,956. The company has a market cap of $3,875.13, a PE ratio of 10.00 and a beta of 0.56. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.59 and a current ratio of 0.59.
The business also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 8.43%. The ex-dividend date was Thursday, September 28th. Spirit Realty Capital’s dividend payout ratio is currently 800.00%.
Spirit Realty Capital declared that its Board of Directors has authorized a stock buyback program on Monday, August 14th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director Todd A. Dunn purchased 14,000 shares of Spirit Realty Capital stock in a transaction dated Thursday, August 10th. The shares were purchased at an average price of $8.49 per share, with a total value of $118,860.00. Following the transaction, the director now owns 64,560 shares in the company, valued at $548,114.40. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Phillip D. Joseph, Jr. purchased 6,061 shares of Spirit Realty Capital stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average cost of $8.25 per share, for a total transaction of $50,003.25. Following the transaction, the chief financial officer now owns 138,504 shares in the company, valued at approximately $1,142,658. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 21,061 shares of company stock worth $177,133. Insiders own 0.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Spirit Realty Capital by 24.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,684 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 2,265 shares during the period. New England Investment & Retirement Group Inc. purchased a new stake in Spirit Realty Capital in the second quarter valued at approximately $100,000. Investment Centers of America Inc. raised its position in Spirit Realty Capital by 2.6% in the first quarter. Investment Centers of America Inc. now owns 13,850 shares of the real estate investment trust’s stock valued at $141,000 after purchasing an additional 350 shares during the period. Vivaldi Capital Management LLC purchased a new stake in Spirit Realty Capital in the second quarter valued at approximately $111,000. Finally, Chicago Equity Partners LLC purchased a new stake in Spirit Realty Capital in the second quarter valued at approximately $119,000. 94.52% of the stock is currently owned by hedge funds and other institutional investors.
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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