Spirit Realty Capital, Inc (SRC) Given Average Rating of “Hold” by Analysts

Spirit Realty Capital, Inc (NYSE:SRC) has been given a consensus recommendation of “Hold” by the seventeen research firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $9.92.

A number of equities analysts have recently commented on SRC shares. Mizuho raised shares of Spirit Realty Capital from a “neutral” rating to a “buy” rating and lifted their target price for the company from $7.50 to $9.00 in a report on Thursday, August 31st. BidaskClub raised shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. ValuEngine cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Bank of America Corporation raised shares of Spirit Realty Capital from an “underperform” rating to a “buy” rating and boosted 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 reissued a “hold” rating on shares of Spirit Realty Capital in a research note on Friday, August 4th.

In other news, CFO Phillip D. Joseph, Jr. acquired 3,636 shares of the stock in a transaction on Monday, August 7th. The stock was bought at an average price of $8.25 per share, with a total value of $29,997.00. Following the completion of the transaction, the chief financial officer now directly owns 138,504 shares of the company’s stock, valued at $1,142,658. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Phillip D. Joseph, Jr. acquired 6,061 shares of the stock in a transaction on Tuesday, August 8th. The stock was purchased at an average cost of $8.25 per share, with a total value of $50,003.25. Following the transaction, the chief financial officer now directly owns 138,504 shares of the company’s stock, valued at $1,142,658. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 24,697 shares of company stock worth $207,130. Insiders own 0.50% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Spirit Realty Capital by 2.6% in the first quarter. Vanguard Group Inc. now owns 76,711,434 shares of the real estate investment trust’s stock valued at $777,087,000 after acquiring an additional 1,910,294 shares in the last quarter. Lasalle Investment Management Securities LLC grew its position 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 in the last quarter. Principal Financial Group Inc. grew its position in Spirit Realty Capital by 4.5% in the second quarter. Principal Financial Group Inc. now owns 16,684,319 shares of the real estate investment trust’s stock valued at $123,630,000 after acquiring an additional 715,603 shares in the last quarter. Prudential Financial Inc. grew its position 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 in the last quarter. Finally, State Street Corp grew its position in Spirit Realty Capital by 2.4% in the second quarter. State Street Corp now owns 9,684,420 shares of the real estate investment trust’s stock valued at $71,759,000 after acquiring an additional 223,928 shares in the last quarter. 94.12% of the stock is owned by institutional investors.

Shares of Spirit Realty Capital (NYSE:SRC) traded down 1.29% on Friday, reaching $8.41. 3,753,675 shares of the company’s stock were exchanged. Spirit Realty Capital has a one year low of $6.64 and a one year high of $12.77. The firm has a 50 day moving average of $8.56 and a 200 day moving average of $8.42. The firm has a market capitalization of $3.86 billion, a P/E ratio of 63.71 and a beta of 0.53.

Spirit Realty Capital (NYSE:SRC) last announced its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $168.65 million for the quarter, compared to analysts’ expectations of $163.19 million. Spirit Realty Capital had a net margin of 9.47% and a return on equity of 1.74%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 EPS. On average, equities research analysts predict that Spirit Realty Capital will post $0.21 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a $0.18 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 8.56%. Spirit Realty Capital’s dividend payout ratio (DPR) is 514.29%.

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 repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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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.

Analyst Recommendations for Spirit Realty Capital (NYSE:SRC)

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