Quantitative Systematic Strategies LLC Raises Holdings in Spirit Realty Capital, Inc. (SRC)
Quantitative Systematic Strategies LLC grew its stake in Spirit Realty Capital, Inc. (NYSE:SRC) by 499.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 103,810 shares of the real estate investment trust’s stock after purchasing an additional 86,504 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in Spirit Realty Capital were worth $890,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Canada Pension Plan Investment Board raised its holdings in Spirit Realty Capital by 104.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 165,900 shares of the real estate investment trust’s stock worth $1,229,000 after purchasing an additional 84,800 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Spirit Realty Capital by 49.8% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 591,951 shares of the real estate investment trust’s stock worth $4,386,000 after purchasing an additional 196,710 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in Spirit Realty Capital in the 1st quarter worth $221,000. Lasalle Investment Management Securities LLC raised its holdings in Spirit Realty Capital by 52.2% in the 2nd quarter. Lasalle Investment Management Securities LLC now owns 22,481,416 shares of the real estate investment trust’s stock worth $166,587,000 after purchasing an additional 7,707,615 shares in the last quarter. Finally, Goodwin Daniel L raised its holdings in Spirit Realty Capital by 285.7% in the 2nd quarter. Goodwin Daniel L now owns 67,503 shares of the real estate investment trust’s stock worth $500,000 after purchasing an additional 50,000 shares in the last quarter. Institutional investors and hedge funds own 94.51% of the company’s stock.
In other news, CFO Phillip D. Joseph, Jr. acquired 3,636 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average cost of $8.25 per share, for a total transaction of $29,997.00. Following the completion of the acquisition, the chief financial officer now directly owns 138,504 shares of the company’s stock, valued at approximately $1,142,658. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd A. Dunn acquired 14,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $8.49 per share, with a total value of $118,860.00. Following the completion of the acquisition, the director now directly owns 64,560 shares of the company’s stock, valued at $548,114.40. The disclosure for this purchase can be found here. Insiders purchased 24,697 shares of company stock valued at $207,130 over the last 90 days. 0.50% of the stock is currently owned by corporate insiders.
Shares of Spirit Realty Capital, Inc. (NYSE:SRC) traded down 2.30% on Friday, hitting $8.08. 20,800,577 shares of the company traded hands. The firm’s 50-day moving average is $8.55 and its 200 day moving average is $8.30. Spirit Realty Capital, Inc. has a 1-year low of $6.64 and a 1-year high of $12.66. The firm has a market capitalization of $3.70 billion, a P/E ratio of 61.21 and a beta of 0.53.
Spirit Realty Capital (NYSE:SRC) last released its quarterly earnings data 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 firm had revenue of $168.65 million during the quarter, compared to the consensus estimate of $163.19 million. Spirit Realty Capital had a return on equity of 1.74% and a net margin of 9.47%. The firm’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 earnings per share. On average, analysts anticipate that Spirit Realty Capital, Inc. will post $0.21 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 8.91%. Spirit Realty Capital’s payout ratio is currently 514.29%.
Spirit Realty Capital announced 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 repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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Several brokerages have commented on SRC. Royal Bank Of Canada upped their price objective on shares of Spirit Realty Capital from $8.00 to $9.00 and gave the stock a “sector perform” rating in a report on Friday, August 4th. ValuEngine lowered shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, September 1st. BidaskClub upgraded shares of Spirit Realty Capital from a “hold” rating to a “buy” rating in a report on Monday, July 31st. Mizuho upgraded shares of Spirit Realty Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $7.50 to $9.00 in a report on Thursday, August 31st. Finally, Zacks Investment Research upgraded shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.70.
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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