Spirit Realty Capital, Inc. (NYSE:SRC) – Analysts at SunTrust Banks issued their FY2017 earnings estimates for shares of Spirit Realty Capital in a research report issued on Sunday. SunTrust Banks analyst K. Kim expects that the real estate investment trust will post earnings of $0.82 per share for the year. SunTrust Banks also issued estimates for Spirit Realty Capital’s Q4 2017 earnings at $0.20 EPS, FY2018 earnings at $0.83 EPS, FY2019 earnings at $0.83 EPS, FY2020 earnings at $0.84 EPS and FY2021 earnings at $0.86 EPS.
A number of other brokerages have also recently issued reports on SRC. Bank of America Corporation raised Spirit Realty Capital from an “underperform” rating to a “buy” rating and upped their target price for the company from $6.50 to $9.75 in a research report on Wednesday, August 16th. ValuEngine cut Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Mizuho raised Spirit Realty Capital from an “underperform” rating to a “neutral” rating and set a $7.50 price objective for the company in a research report on Monday, July 10th. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. Finally, BidaskClub raised Spirit Realty Capital from a “sell” rating to a “hold” rating in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $9.92.
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Spirit Realty Capital (SRC) opened at 8.66 on Wednesday. The company’s 50-day moving average price is $8.48 and its 200 day moving average price is $8.56. Spirit Realty Capital has a 12 month low of $6.64 and a 12 month high of $13.86. The stock has a market capitalization of $3.97 billion, a PE ratio of 65.61 and a beta of 0.53.
Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $168.65 million during the quarter, compared to analysts’ expectations of $163.19 million. Spirit Realty Capital had a return on equity of 1.74% and a net margin of 9.47%. Spirit Realty Capital’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the business earned $0.22 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC purchased a new position in Spirit Realty Capital in the 1st quarter valued at approximately $109,000. PNC Financial Services Group Inc. increased its stake in Spirit Realty Capital by 24.0% in 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 purchasing an additional 2,265 shares in the last quarter. New England Investment & Retirement Group Inc. purchased a new position in Spirit Realty Capital in the 2nd quarter valued at approximately $100,000. Toronto Dominion Bank purchased a new position in Spirit Realty Capital in the 1st quarter valued at approximately $141,000. Finally, Investment Centers of America Inc. increased its stake in Spirit Realty Capital by 2.6% in the 1st 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 in the last quarter. 94.12% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Todd A. Dunn acquired 14,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average cost of $8.49 per share, with a total value of $118,860.00. Following the purchase, the director now directly owns 64,560 shares of the company’s stock, valued at approximately $548,114.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Phillip D. Joseph, Jr. acquired 3,636 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average cost of $8.25 per share, with a total value of $29,997.00. Following the completion of the purchase, the chief financial officer now directly owns 138,504 shares in the company, valued at $1,142,658. The disclosure for this purchase can be found here. Insiders purchased a total of 24,697 shares of company stock valued at $207,130 over the last ninety days. 0.50% of the stock is currently owned by company insiders.
Spirit Realty Capital declared that its board has authorized a stock repurchase plan on Monday, August 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the real estate investment trust to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 8.31%. The ex-dividend date is Thursday, September 28th. Spirit Realty Capital’s payout ratio is currently 514.29%.
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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