Spirit Realty Capital, Inc. (SRC) Given a $9.00 Price Target by B. Riley Analysts
B. Riley set a $9.00 price target on Spirit Realty Capital, Inc. (NYSE:SRC) in a research report sent to investors on Tuesday. The firm currently has a buy rating on the real estate investment trust’s stock.
SRC has been the topic of several other research reports. Royal Bank Of Canada boosted their target price 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. ValuEngine cut Spirit Realty Capital from a buy rating to a hold rating in a research report on Friday, September 1st. BidaskClub upgraded Spirit Realty Capital from a hold rating to a buy rating in a research report on Monday, July 31st. Mizuho upgraded Spirit Realty Capital from a neutral rating to a buy rating and boosted their target price for the stock from $7.50 to $9.00 in a research report on Thursday, August 31st. Finally, Ladenburg Thalmann Financial Services reiterated a hold rating on shares of Spirit Realty Capital in a research report on Monday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $9.47.
Spirit Realty Capital (NYSE:SRC) traded down $0.04 during midday trading on Tuesday, reaching $8.58. The company’s stock had a trading volume of 5,205,200 shares, compared to its average volume of 10,486,547. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.59 and a quick ratio of 0.59. Spirit Realty Capital has a 52 week low of $6.64 and a 52 week high of $11.29. The firm has a market cap of $3,929.83, a PE ratio of 10.14 and a beta of 0.56.
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Spirit Realty Capital announced that its Board of Directors has approved a share repurchase plan on Monday, August 14th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its holdings 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 valued at $119,000 after buying an additional 2,265 shares during the last quarter. New England Investment & Retirement Group Inc. acquired a new stake in Spirit Realty Capital during the 2nd quarter valued at $100,000. Vivaldi Capital Management LLC acquired a new stake in Spirit Realty Capital during the 2nd quarter valued at $111,000. Chicago Equity Partners LLC acquired a new stake in Spirit Realty Capital during the 2nd quarter valued at $119,000. Finally, Arete Wealth Advisors LLC grew its holdings in Spirit Realty Capital by 12.5% during the 2nd quarter. Arete Wealth Advisors LLC now owns 16,583 shares of the real estate investment trust’s stock valued at $123,000 after buying an additional 1,838 shares during the last quarter. Hedge funds and other institutional investors own 92.86% 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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