Spirit Realty Capital (SRC) Downgraded to Underperform at Raymond James

Raymond James cut shares of Spirit Realty Capital (NYSE:SRC) from a market perform rating to an underperform rating in a research report report published on Thursday, Marketbeat Ratings reports.

Several other brokerages also recently weighed in on SRC. Zacks Investment Research upgraded Spirit Realty Capital from a sell rating to a hold rating in a research report on Saturday, August 11th. ValuEngine downgraded Spirit Realty Capital from a hold rating to a sell rating in a research report on Tuesday, September 4th. TheStreet upgraded Spirit Realty Capital from a c rating to a b- rating in a report on Wednesday, August 8th. Finally, Bank of America upped their target price on Spirit Realty Capital from $8.00 to $8.25 and gave the company a neutral rating in a report on Monday, September 10th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $8.71.

NYSE:SRC traded down $0.08 during mid-day trading on Thursday, reaching $7.80. The stock had a trading volume of 115,961 shares, compared to its average volume of 5,036,946. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 9.18 and a beta of 0.35. Spirit Realty Capital has a one year low of $7.22 and a one year high of $8.84. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.60 and a quick ratio of 0.60.

Spirit Realty Capital’s stock is set to reverse split before the market opens on Thursday, December 13th. The 1-5 reverse split was announced on Tuesday, November 13th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, December 12th.

Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings data on Monday, November 5th. The real estate investment trust reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.01. Spirit Realty Capital had a return on equity of 4.27% and a net margin of 20.95%. The firm had revenue of $109.64 million during the quarter, compared to the consensus estimate of $101.43 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The business’s revenue was up .8% on a year-over-year basis. As a group, sell-side analysts anticipate that Spirit Realty Capital will post 0.72 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be issued a dividend of $0.125 per share. The ex-dividend date is Friday, December 28th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 6.41%. Spirit Realty Capital’s dividend payout ratio is presently 58.82%.

In other Spirit Realty Capital news, CFO Michael C. Hughes bought 13,605 shares of the firm’s stock in a transaction that occurred on Friday, November 30th. The stock was bought at an average price of $7.35 per share, for a total transaction of $99,996.75. Following the completion of the acquisition, the chief financial officer now directly owns 103,525 shares in the company, valued at $760,908.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jackson Hsieh sold 186,087 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $7.81, for a total value of $1,453,339.47. Following the transaction, the chief executive officer now owns 1,153,557 shares of the company’s stock, valued at approximately $9,009,280.17. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Pension Partners LLC purchased a new stake in Spirit Realty Capital in the third quarter worth $105,000. First Hawaiian Bank purchased a new stake in Spirit Realty Capital in the third quarter worth $106,000. Clear Harbor Asset Management LLC purchased a new stake in Spirit Realty Capital in the second quarter worth $108,000. Rehmann Capital Advisory Group grew its stake in Spirit Realty Capital by 324.1% in the second quarter. Rehmann Capital Advisory Group now owns 15,387 shares of the real estate investment trust’s stock worth $124,000 after purchasing an additional 11,759 shares during the period. Finally, Toronto Dominion Bank purchased a new stake in Spirit Realty Capital in the second quarter worth $159,000. Institutional investors own 91.42% of the company’s stock.

Spirit Realty Capital Company Profile

Spirit Realty Capital, Inc (NYSE: SRC) is a premier net-lease REIT that primarily invests in high-quality, operationally essential real estate, subject to long-term net leases. Over the past decade, Spirit has become an industry leader and owner of income-producing, strategically located retail, industrial, office and data center properties.

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Analyst Recommendations for Spirit Realty Capital (NYSE:SRC)

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