IFP Advisors Inc reduced its stake in shares of Spirit Realty Capital, Inc. (NYSE:SRC) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,889 shares of the real estate investment trust’s stock after selling 135 shares during the period. IFP Advisors Inc’s holdings in Spirit Realty Capital were worth $251,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of SRC. State of Alaska Department of Revenue raised its stake in shares of Spirit Realty Capital by 147.6% in the first quarter. State of Alaska Department of Revenue now owns 227,821 shares of the real estate investment trust’s stock valued at $2,307,000 after buying an additional 135,800 shares during the last quarter. IFC Holdings Incorporated FL raised its stake in shares of Spirit Realty Capital by 9.2% in the first quarter. IFC Holdings Incorporated FL now owns 23,778 shares of the real estate investment trust’s stock valued at $241,000 after buying an additional 2,000 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Spirit Realty Capital during the first quarter valued at approximately $109,000. Paragon Capital Management Ltd acquired a new stake in shares of Spirit Realty Capital during the first quarter valued at approximately $154,000. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of Spirit Realty Capital by 46.4% in the first quarter. State of New Jersey Common Pension Fund D now owns 388,000 shares of the real estate investment trust’s stock valued at $3,931,000 after buying an additional 123,000 shares during the last quarter.
Shares of Spirit Realty Capital, Inc. (NYSE SRC) opened at 8.41 on Friday. Spirit Realty Capital, Inc. has a 52 week low of $6.64 and a 52 week high of $13.95. The stock has a 50 day moving average price of $7.94 and a 200-day moving average price of $8.92. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 63.71 and a beta of 0.55.
Spirit Realty Capital (NYSE:SRC) last issued its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The business had revenue of $168.65 million for the quarter, compared to analyst estimates of $163.19 million. Spirit Realty Capital had a return on equity of 1.74% and a net margin of 9.47%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $0.22 EPS. On average, analysts anticipate that Spirit Realty Capital, Inc. will post $0.21 EPS for the current year.
Spirit Realty Capital declared that its Board of Directors has authorized a stock repurchase program on Monday, August 14th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
SRC has been the topic of several research analyst reports. J P Morgan Chase & Co lowered Spirit Realty Capital from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $13.00 to $9.00 in a report on Thursday, May 4th. Janney Montgomery Scott lowered Spirit Realty Capital from a “buy” rating to a “neutral” rating in a report on Thursday, May 4th. Mizuho lowered Spirit Realty Capital from a “neutral” rating to an “underperform” rating in a report on Thursday, May 4th. Ladenburg Thalmann Financial Services lowered Spirit Realty Capital from a “buy” rating to a “neutral” rating in a report on Thursday, May 4th. Finally, Sandler O’Neill lowered Spirit Realty Capital from a “buy” rating to a “hold” rating and dropped their price objective for the company from $13.00 to $9.00 in a report on Thursday, May 4th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Spirit Realty Capital has a consensus rating of “Hold” and a consensus target price of $10.60.
In other news, CFO Phillip D. Joseph, Jr. bought 3,636 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were acquired at an average cost of $8.25 per share, with a total value of $29,997.00. Following the transaction, the chief financial officer now owns 138,504 shares of the company’s stock, valued at approximately $1,142,658. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Boyd Messmann bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was purchased at an average cost of $7.19 per share, for a total transaction of $71,900.00. Following the completion of the transaction, the executive vice president now directly owns 73,656 shares in the company, valued at approximately $529,586.64. The disclosure for this purchase can be found here. Insiders purchased a total of 68,497 shares of company stock worth $528,508 over the last ninety days. Corporate insiders own 0.50% 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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