JMP Securities downgraded shares of Spirit Realty Capital (NYSE:SRC – Free Report) from an outperform rating to a market perform rating in a research note published on Tuesday, Marketbeat reports.
Several other brokerages have also commented on SRC. Mizuho boosted their price target on Spirit Realty Capital from $40.00 to $41.00 in a research note on Thursday, August 10th. Bank of America lowered Spirit Realty Capital from a neutral rating to an underperform rating and lowered their target price for the company from $42.00 to $33.00 in a report on Tuesday, October 10th. Wells Fargo & Company assumed coverage on Spirit Realty Capital in a research note on Wednesday, September 20th. They set an underweight rating and a $36.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on shares of Spirit Realty Capital from $47.00 to $44.00 and set an overweight rating on the stock in a research note on Wednesday, September 20th. Finally, TheStreet lowered shares of Spirit Realty Capital from a b- rating to a c+ rating in a research report on Monday, October 16th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Spirit Realty Capital currently has a consensus rating of Hold and an average price target of $41.30.
Read Our Latest Research Report on Spirit Realty Capital
Spirit Realty Capital Stock Up 3.3 %
Spirit Realty Capital (NYSE:SRC – Get Free Report) last released its earnings results on Monday, August 7th. The real estate investment trust reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.50). Spirit Realty Capital had a net margin of 39.59% and a return on equity of 6.69%. The business had revenue of $1.00 million during the quarter, compared to analyst estimates of $187.23 million. During the same period last year, the business posted $0.90 EPS. Spirit Realty Capital’s revenue was up .0% compared to the same quarter last year. On average, equities analysts anticipate that Spirit Realty Capital will post 3.45 earnings per share for the current fiscal year.
Spirit Realty Capital Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a $0.6696 dividend. This is a boost from Spirit Realty Capital’s previous quarterly dividend of $0.66. This represents a $2.68 annualized dividend and a yield of 7.43%. The ex-dividend date of this dividend was Thursday, September 28th. Spirit Realty Capital’s payout ratio is presently 130.88%.
Hedge Funds Weigh In On Spirit Realty Capital
Institutional investors have recently added to or reduced their stakes in the business. Money Concepts Capital Corp purchased a new stake in Spirit Realty Capital in the 4th quarter valued at about $25,000. Legacy Financial Group LLC purchased a new stake in Spirit Realty Capital in the third quarter valued at approximately $34,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Spirit Realty Capital during the 4th quarter valued at $42,000. Covestor Ltd grew its stake in shares of Spirit Realty Capital by 255.6% during the 1st quarter. Covestor Ltd now owns 1,330 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 956 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in shares of Spirit Realty Capital by 41.9% during the 3rd quarter. Geneos Wealth Management Inc. now owns 1,954 shares of the real estate investment trust’s stock valued at $66,000 after buying an additional 577 shares during the period. 96.09% of the stock is currently owned by institutional investors and hedge funds.
Spirit Realty Capital Company Profile
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 June 30, 2023, our diverse portfolio consisted of 2,064 retail, industrial and other properties across 49 states, which were leased to 345 tenants operating in 37 industries.
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