Spirit Realty Capital (NYSE:SRC) Posts Earnings Results, Misses Estimates By $0.25 EPS

Spirit Realty Capital (NYSE:SRCGet Rating) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.25), reports. The company had revenue of $173.56 million during the quarter, compared to analyst estimates of $172.40 million. Spirit Realty Capital had a net margin of 33.97% and a return on equity of 5.52%. Spirit Realty Capital updated its FY 2022 guidance to $3.52-$3.58 EPS.

Spirit Realty Capital Price Performance

Shares of NYSE SRC opened at $42.58 on Friday. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 4.76 and a beta of 1.25. The business has a 50-day moving average of $40.43 and a 200-day moving average of $43.48. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.15 and a quick ratio of 0.31. Spirit Realty Capital has a fifty-two week low of $35.79 and a fifty-two week high of $52.29.

Spirit Realty Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a dividend of $0.638 per share. This represents a $2.55 dividend on an annualized basis and a yield of 5.99%. The ex-dividend date was Wednesday, June 29th. Spirit Realty Capital’s dividend payout ratio (DPR) is presently 151.79%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SRC shares. Truist Financial cut their price target on Spirit Realty Capital from $56.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 1st. JMP Securities began coverage on Spirit Realty Capital in a research note on Tuesday, May 10th. They issued an “outperform” rating and a $54.00 price target on the stock. Jefferies Financial Group lowered their price objective on shares of Spirit Realty Capital from $44.00 to $40.00 and set a “hold” rating for the company in a research report on Thursday, June 30th. UBS Group lowered their price objective on shares of Spirit Realty Capital from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Finally, Morgan Stanley lowered their price objective on shares of Spirit Realty Capital from $50.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 12th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $48.90.

Hedge Funds Weigh In On Spirit Realty Capital

Several hedge funds have recently modified their holdings of SRC. Van ECK Associates Corp grew its holdings in shares of Spirit Realty Capital by 72.8% in the 4th quarter. Van ECK Associates Corp now owns 9,631 shares of the real estate investment trust’s stock valued at $464,000 after acquiring an additional 4,058 shares in the last quarter. State of Michigan Retirement System grew its holdings in shares of Spirit Realty Capital by 4.7% in the 4th quarter. State of Michigan Retirement System now owns 31,223 shares of the real estate investment trust’s stock valued at $1,505,000 after acquiring an additional 1,400 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Spirit Realty Capital in the 4th quarter valued at about $1,250,000. State of New Jersey Common Pension Fund D grew its holdings in shares of Spirit Realty Capital by 12.3% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 59,988 shares of the real estate investment trust’s stock valued at $2,891,000 after acquiring an additional 6,551 shares in the last quarter. Finally, Yousif Capital Management LLC bought a new position in shares of Spirit Realty Capital in the 4th quarter valued at about $3,112,000. Institutional investors own 97.40% of the company’s stock.

About Spirit Realty Capital

(Get Rating)

Spirit Realty Capital, Inc (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases. As of September 30, 2020, our diverse portfolio of 1,778 owned properties, with an aggregate leasable area of 37.2 million square feet in 48 states, included retail, industrial and office buildings leased to 296 tenants across 28 retail industries.

See Also

Earnings History for Spirit Realty Capital (NYSE:SRC)

Receive News & Ratings for Spirit Realty Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Realty Capital and related companies with MarketBeat.com's FREE daily email newsletter.