Zacks Investment Research upgraded shares of Spirit Realty Capital, Inc. (NYSE:SRC) from a hold rating to a buy rating in a report issued on Thursday. The brokerage currently has $9.50 target price on the real estate investment trust’s stock.

According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single tenant, operationally essential real estate where the tenants conduct retail, service or distribution activities. The Company has investments throughout the United States. Its portfolio of properties is leased to tenants operating in different industries which includes restaurants; general, specialty and discount retailers; movie theatres; education facilities; health, fitness and recreational facilities; automotive dealers, parts and service facilities; and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “

Other analysts have also issued reports about the stock. BidaskClub raised shares of Spirit Realty Capital from a hold rating to a buy rating in a research report on Monday, July 31st. Mizuho raised shares of Spirit Realty Capital from a neutral rating to a buy rating and increased their price target for the stock from $7.50 to $9.00 in a research report on Thursday, August 31st. Bank of America Corporation raised shares of Spirit Realty Capital from an underperform rating to a buy rating and raised their price objective for the company from $6.50 to $9.75 in a research report on Wednesday, August 16th. ValuEngine lowered shares of Spirit Realty Capital from a buy rating to a hold rating in a research report on Friday, September 1st. Finally, Ladenburg Thalmann Financial Services reaffirmed a hold rating on shares of Spirit Realty Capital in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Spirit Realty Capital currently has a consensus rating of Hold and a consensus target price of $9.88.

Shares of Spirit Realty Capital (NYSE SRC) traded up 0.94% during trading on Thursday, reaching $8.57. 5,419,947 shares of the company traded hands. The firm has a 50-day moving average price of $8.56 and a 200-day moving average price of $8.35. Spirit Realty Capital has a 12 month low of $6.64 and a 12 month high of $12.77. The firm has a market capitalization of $3.93 billion, a PE ratio of 64.92 and a beta of 0.53.

Spirit Realty Capital (NYSE:SRC) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $168.65 million during the quarter, compared to analyst estimates of $163.19 million. Spirit Realty Capital had a net margin of 9.47% and a return on equity of 1.74%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 earnings per share. Equities research analysts anticipate that Spirit Realty Capital will post $0.21 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $0.18 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 8.40%. Spirit Realty Capital’s payout ratio is 514.29%.

Spirit Realty Capital announced that its Board of Directors has initiated a stock repurchase program on Monday, August 14th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

In related news, CFO Phillip D. Joseph, Jr. acquired 3,636 shares of the stock in a transaction dated Monday, August 7th. The shares were acquired at an average price of $8.25 per share, for a total transaction of $29,997.00. Following the completion of the purchase, the chief financial officer now owns 138,504 shares in the company, valued at approximately $1,142,658. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Phillip D. Joseph, Jr. acquired 6,061 shares of the stock in a transaction dated Tuesday, August 8th. The stock was bought at an average price of $8.25 per share, for a total transaction of $50,003.25. Following the purchase, 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 worth $207,130. 0.50% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. World Asset Management Inc boosted its stake in Spirit Realty Capital by 0.4% during the second quarter. World Asset Management Inc now owns 24,245 shares of the real estate investment trust’s stock worth $180,000 after buying an additional 108 shares in the last quarter. Lincoln National Corp boosted its stake in Spirit Realty Capital by 1.3% during the second quarter. Lincoln National Corp now owns 18,259 shares of the real estate investment trust’s stock worth $136,000 after buying an additional 232 shares in the last quarter. Investment Centers of America Inc. boosted its stake in Spirit Realty Capital by 2.6% during the first quarter. Investment Centers of America Inc. now owns 13,850 shares of the real estate investment trust’s stock worth $141,000 after buying an additional 350 shares in the last quarter. Telos Capital Management Inc. boosted its stake in Spirit Realty Capital by 1.0% during the second quarter. Telos Capital Management Inc. now owns 49,633 shares of the real estate investment trust’s stock worth $368,000 after buying an additional 510 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in Spirit Realty Capital by 0.8% during the second quarter. State of Wisconsin Investment Board now owns 96,460 shares of the real estate investment trust’s stock worth $715,000 after buying an additional 780 shares in the last quarter. Hedge funds and other institutional investors own 94.63% of the company’s stock.

Spirit Realty Capital Company 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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Analyst Recommendations for Spirit Realty Capital (NYSE:SRC)

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