Robert W. Baird Reaffirms Buy Rating for Spirit Realty Capital, Inc. (SRC)
Spirit Realty Capital, Inc. (NYSE:SRC)‘s stock had its “buy” rating reiterated by equities research analysts at Robert W. Baird in a report issued on Friday. They currently have a $10.00 price target on the real estate investment trust’s stock. Robert W. Baird’s price objective would suggest a potential upside of 20.92% from the company’s previous close.
A number of other analysts have also weighed in on SRC. Zacks Investment Research lowered Spirit Realty Capital from a “buy” rating to a “hold” rating in a research note on Wednesday. Royal Bank Of Canada raised their target price on Spirit Realty Capital from $8.00 to $9.00 and gave the company a “sector perform” rating in a research note on Friday, August 4th. BidaskClub upgraded Spirit Realty Capital from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 17th. Ladenburg Thalmann Financial Services restated a “hold” rating on shares of Spirit Realty Capital in a research note on Friday, August 4th. Finally, Mizuho upgraded Spirit Realty Capital from an “underperform” rating to a “neutral” rating and set a $7.50 target price for the company in a research note on Monday, July 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $9.60.
Spirit Realty Capital (NYSE SRC) opened at 8.27 on Friday. The company has a market cap of $3.79 billion, a price-to-earnings ratio of 62.65 and a beta of 0.53. The company has a 50-day moving average of $8.57 and a 200-day moving average of $8.32. Spirit Realty Capital has a 12 month low of $6.64 and a 12 month high of $12.66.
Spirit Realty Capital (NYSE:SRC) last announced its 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 company had revenue of $168.65 million during the quarter, compared to analyst estimates of $163.19 million. During the same period last year, the company posted $0.22 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. Analysts predict that Spirit Realty Capital will post $0.21 EPS for the current year.
Spirit Realty Capital announced that its Board of Directors has approved a share buyback program 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 programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was bought at an average cost of $8.25 per share, for a total transaction of $29,997.00. Following the transaction, the chief financial officer now owns 138,504 shares of the company’s stock, valued at $1,142,658. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Todd A. Dunn bought 14,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were bought at an average price of $8.49 per share, with a total value of $118,860.00. Following the completion of the transaction, the director now directly owns 64,560 shares in the company, valued at approximately $548,114.40. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 24,697 shares of company stock valued at $207,130. Corporate insiders own 0.50% of the company’s stock.
Several institutional investors have recently bought and sold shares of SRC. Lasalle Investment Management Securities LLC grew its position in shares of Spirit Realty Capital by 52.2% during 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 buying an additional 7,707,615 shares during the period. V3 Capital Management L.P. grew its position in shares of Spirit Realty Capital by 96.9% during the 2nd 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 buying an additional 4,745,800 shares during the period. Gruss Capital Management LP acquired a new position in shares of Spirit Realty Capital during the 2nd quarter worth about $35,012,000. Prudential Financial Inc. grew its position in shares of Spirit Realty Capital by 55.5% during the 2nd quarter. Prudential Financial Inc. now owns 12,337,803 shares of the real estate investment trust’s stock worth $91,423,000 after buying an additional 4,403,654 shares during the period. Finally, Davidson Kempner Capital Management LP acquired a new position in shares of Spirit Realty Capital during the 2nd quarter worth about $30,863,000. Institutional investors own 94.51% 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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