Raymond James Financial Services Advisors Inc. increased its stake in shares of Spirit Realty Capital, Inc. (NYSE:SRC) by 2.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,341 shares of the real estate investment trust’s stock after buying an additional 1,930 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Spirit Realty Capital were worth $640,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of SRC. Ameriprise Financial Inc. grew its stake in Spirit Realty Capital by 4.8% during the 1st quarter. Ameriprise Financial Inc. now owns 88,984 shares of the real estate investment trust’s stock worth $904,000 after buying an additional 4,078 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in 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 worth $119,000 after acquiring an additional 2,265 shares during the period. Dimensional Fund Advisors LP boosted its position in Spirit Realty Capital by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,580,236 shares of the real estate investment trust’s stock worth $66,656,000 after acquiring an additional 133,962 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Spirit Realty Capital by 8.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,554,397 shares of the real estate investment trust’s stock worth $15,747,000 after acquiring an additional 126,353 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new position in Spirit Realty Capital during the 1st quarter worth $221,000. Hedge funds and other institutional investors own 94.72% of the company’s stock.
Shares of Spirit Realty Capital, Inc. (SRC) opened at 8.31 on Wednesday. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 62.95 and a beta of 0.53. The stock has a 50 day moving average price of $8.44 and a 200 day moving average price of $8.17. Spirit Realty Capital, Inc. has a one year low of $6.64 and a one year high of $11.73.
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 for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.01. Spirit Realty Capital had a return on equity of 1.74% and a net margin of 9.47%. The firm had revenue of $168.65 million during the quarter, compared to analysts’ expectations of $163.19 million. During the same period last year, the firm posted $0.22 EPS. The business’s revenue was down 1.8% on a year-over-year basis. On average, equities research analysts forecast that Spirit Realty Capital, Inc. will post $0.21 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $0.18 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 8.66%. Spirit Realty Capital’s dividend payout ratio (DPR) is currently 514.29%.
Spirit Realty Capital announced that its board has approved a stock buyback 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 believes its shares are undervalued.
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A number of research analysts have issued reports on SRC shares. ValuEngine lowered Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Spirit Realty Capital from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Thursday, October 12th. FBR & Co reiterated a “buy” rating on shares of Spirit Realty Capital in a research report on Friday, October 20th. Ladenburg Thalmann Financial Services reiterated a “hold” rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. Finally, Royal Bank Of Canada boosted their price target on Spirit Realty Capital from $8.00 to $9.00 and gave the stock a “sector perform” rating in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Spirit Realty Capital has an average rating of “Hold” and a consensus price target of $9.97.
In other news, Director Todd A. Dunn bought 14,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was bought at an average cost of $8.49 per share, with a total value of $118,860.00. Following the purchase, the director now owns 64,560 shares of the company’s stock, valued at $548,114.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Phillip D. Joseph, Jr. bought 6,061 shares of the stock in a transaction dated 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 completion of the purchase, the chief financial officer now directly owns 138,504 shares in the company, valued at approximately $1,142,658. The disclosure for this purchase can be found here. Insiders bought a total of 24,697 shares of company stock valued at $207,130 over the last three months. Insiders own 0.50% of the company’s stock.
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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