Spirit Realty Capital (NYSE:SRC) Hits New 52-Week High Following Analyst Upgrade

Shares of Spirit Realty Capital Inc (NYSE:SRC) reached a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $46.00 to $52.00. Royal Bank of Canada currently has a sector perform rating on the stock. Spirit Realty Capital traded as high as $53.15 and last traded at $53.02, with a volume of 42321 shares traded. The stock had previously closed at $52.81.

A number of other equities analysts have also issued reports on SRC. Zacks Investment Research raised shares of Spirit Realty Capital from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Wednesday, December 4th. Morgan Stanley raised their price target on shares of Spirit Realty Capital from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday. Capital One Financial raised shares of Spirit Realty Capital from an “equal weight” rating to an “overweight” rating and set a $56.00 price target for the company in a research report on Tuesday, December 3rd. Deutsche Bank raised their price target on shares of Spirit Realty Capital from $52.00 to $56.00 and gave the stock a “hold” rating in a research report on Monday. Finally, JPMorgan Chase & Co. raised their price target on shares of Spirit Realty Capital from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $53.88.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Resources Management Corp CT ADV purchased a new position in Spirit Realty Capital during the 3rd quarter worth approximately $873,000. Metropolitan Life Insurance Co NY increased its holdings in shares of Spirit Realty Capital by 343.9% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 29,449 shares of the real estate investment trust’s stock valued at $1,409,000 after purchasing an additional 22,815 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Spirit Realty Capital by 69.4% during the 3rd quarter. Millennium Management LLC now owns 196,666 shares of the real estate investment trust’s stock valued at $9,412,000 after purchasing an additional 80,603 shares in the last quarter. Man Group plc purchased a new position in shares of Spirit Realty Capital during the 3rd quarter valued at approximately $201,000. Finally, Advisors Management Group Inc. ADV increased its holdings in shares of Spirit Realty Capital by 0.6% during the 3rd quarter. Advisors Management Group Inc. ADV now owns 177,573 shares of the real estate investment trust’s stock valued at $8,499,000 after purchasing an additional 993 shares in the last quarter. 92.31% of the stock is owned by institutional investors.

The company has a current ratio of 2.89, a quick ratio of 2.89 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $5.24 billion, a PE ratio of 13.97 and a beta of 0.38. The firm’s fifty day moving average price is $50.62 and its two-hundred day moving average price is $46.84.

Spirit Realty Capital (NYSE:SRC) last posted its earnings results on Tuesday, November 5th. The real estate investment trust reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.65. The firm had revenue of $167.00 million during the quarter, compared to analyst estimates of $113.15 million. Spirit Realty Capital had a net margin of 42.82% and a return on equity of 8.03%. The business’s quarterly revenue was up 52.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 EPS. As a group, sell-side analysts anticipate that Spirit Realty Capital Inc will post 3.16 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Monday, December 30th. Spirit Realty Capital’s dividend payout ratio (DPR) is 66.14%.

Spirit Realty Capital Company Profile (NYSE:SRC)

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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