Frontier Wealth Management LLC Holds Stake in Spirit Realty Capital, Inc. (SRC)
Frontier Wealth Management LLC held its position in shares of Spirit Realty Capital, Inc. (NYSE:SRC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,839 shares of the real estate investment trust’s stock at the end of the 2nd quarter. Frontier Wealth Management LLC’s holdings in Spirit Realty Capital were worth $229,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Lasalle Investment Management Securities LLC boosted its stake in shares of 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 buying an additional 7,707,615 shares in the last quarter. V3 Capital Management L.P. grew its holdings in Spirit Realty Capital by 96.9% during the second quarter. V3 Capital Management L.P. now owns 9,642,585 shares of the real estate investment trust’s stock worth $71,452,000 after acquiring an additional 4,745,800 shares during the period. Gruss Capital Management LP purchased a new position in Spirit Realty Capital in the second quarter worth $35,012,000. Prudential Financial Inc. raised 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 worth $91,423,000 after acquiring an additional 4,403,654 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in Spirit Realty Capital by 177.9% in the first quarter. Nuveen Asset Management LLC now owns 5,056,051 shares of the real estate investment trust’s stock worth $51,218,000 after acquiring an additional 3,236,793 shares in the last quarter. 94.12% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on the company. Bank of America Corporation raised Spirit Realty Capital from an “underperform” rating to a “buy” rating and raised their target price for the company from $6.50 to $9.75 in a report on Wednesday, August 16th. Mizuho raised shares of Spirit Realty Capital from an “underperform” rating to a “neutral” rating and set a $7.50 price target on the stock in a research note on Monday, July 10th. Ladenburg Thalmann Financial Services reaffirmed a “hold” rating on shares of Spirit Realty Capital in a research note on Friday, August 4th. BidaskClub raised shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a research note on Friday, July 14th. Finally, Zacks Investment Research downgraded shares of Spirit Realty Capital from a “hold” rating to a “sell” rating in a report on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $9.92.
In other news, CFO Phillip D. Joseph, Jr. bought 6,061 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased at an average cost of $8.25 per share, with a total value of $50,003.25. Following the completion of the acquisition, the chief financial officer now directly owns 138,504 shares in the company, valued at $1,142,658. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Phillip D. Joseph, Jr. purchased 3,636 shares of the company’s stock in a transaction on Monday, August 7th. The stock was acquired at an average price of $8.25 per share, for a total transaction of $29,997.00. Following the completion of the transaction, the chief financial officer now owns 138,504 shares of the company’s stock, valued at approximately $1,142,658. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 24,697 shares of company stock valued at $207,130. Insiders own 0.50% of the company’s stock.
Shares of Spirit Realty Capital, Inc. (SRC) opened at 8.57 on Monday. The company has a 50 day moving average of $8.48 and a 200 day moving average of $8.56. Spirit Realty Capital, Inc. has a 52-week low of $6.64 and a 52-week high of $13.56. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 64.92 and a beta of 0.53.
Spirit Realty Capital (NYSE:SRC) last issued its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $168.65 million for the quarter, compared to analysts’ expectations of $163.19 million. During the same period last year, the firm earned $0.22 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Analysts predict that Spirit Realty Capital, Inc. will post $0.21 EPS for the current fiscal year.
Spirit Realty Capital declared that its board has authorized a stock buyback plan on Monday, August 14th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the real estate investment trust to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders 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 annualized dividend and a dividend yield of 8.40%. Spirit Realty Capital’s dividend payout ratio (DPR) is 514.29%.
Spirit Realty Capital 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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