Zacks Investment Research Upgrades STORE Capital (STOR) to Buy

STORE Capital (NYSE:STOR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $29.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.59% from the company’s previous close.

According to Zacks, “STORE Capital Corporation is an internally managed net-lease real estate investment trust. It is engaged in the acquisition, investment and management of Single Tenant Operational Real Estate (STORE properties). The Company provides net-lease solutions principally to middle-market and larger companies that own STORE Properties. It invests in single-tenant real estate such as chain restaurants, supermarkets, health clubs, and education, retail, service, and distribution facilities. STORE Capital Corporation is based in Scottsdale, Arizona. “

STOR has been the topic of a number of other reports. ValuEngine cut STORE Capital from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Capital One restated an “overweight” rating on shares of STORE Capital in a research note on Wednesday, March 14th. B. Riley set a $26.00 price objective on STORE Capital and gave the company a “hold” rating in a research note on Friday, February 23rd. Robert W. Baird restated a “buy” rating on shares of STORE Capital in a research note on Tuesday, February 27th. Finally, SunTrust Banks restated a “buy” rating and issued a $26.00 price objective on shares of STORE Capital in a research note on Monday, January 22nd. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $27.11.

STORE Capital opened at $25.53 on Wednesday, according to MarketBeat Ratings. The firm has a market cap of $5.05 billion, a PE ratio of 14.93, a price-to-earnings-growth ratio of 2.90 and a beta of 0.11. STORE Capital has a one year low of $25.59 and a one year high of $25.89. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.55.

STORE Capital (NYSE:STOR) last released its earnings results on Thursday, May 3rd. The real estate investment trust reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.17). STORE Capital had a return on equity of 5.71% and a net margin of 38.37%. The business had revenue of $125.80 million for the quarter, compared to the consensus estimate of $124.83 million. During the same quarter in the previous year, the firm earned $0.43 earnings per share. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. sell-side analysts forecast that STORE Capital will post 1.76 EPS for the current fiscal year.

In related news, CFO Catherine F. Long purchased 4,225 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average cost of $23.70 per share, for a total transaction of $100,132.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph M. Donovan purchased 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were bought at an average price of $23.75 per share, for a total transaction of $95,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 12,475 shares of company stock worth $295,603. Company insiders own 0.85% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can increased its position in shares of STORE Capital by 305.0% during the fourth quarter. Bank of Montreal Can now owns 38,387 shares of the real estate investment trust’s stock valued at $999,000 after buying an additional 28,908 shares during the period. Pettee Investors Inc. increased its position in shares of STORE Capital by 19.9% during the fourth quarter. Pettee Investors Inc. now owns 30,945 shares of the real estate investment trust’s stock valued at $806,000 after buying an additional 5,145 shares during the period. State of Alaska Department of Revenue increased its position in shares of STORE Capital by 104.2% during the fourth quarter. State of Alaska Department of Revenue now owns 103,670 shares of the real estate investment trust’s stock valued at $2,698,000 after buying an additional 52,890 shares during the period. Millennium Management LLC purchased a new position in shares of STORE Capital during the fourth quarter worth about $17,041,000. Finally, Laurel Grove Capital LLC purchased a new position in shares of STORE Capital during the fourth quarter worth about $385,000. Hedge funds and other institutional investors own 95.54% of the company’s stock.

About STORE Capital

STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is the leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in 2,000 property locations, substantially all of which are profit centers, in 49 states.

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