PNC Financial Services Group Inc. raised its position in Spirit Realty Capital Inc. (NYSE:SRC) by 77.6% during the second quarter, Holdings Channel reports. The firm owned 11,498 shares of the real estate investment trust’s stock after buying an additional 5,023 shares during the period. PNC Financial Services Group Inc.’s holdings in Spirit Realty Capital were worth $146,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of SRC. Strs Ohio raised its position in shares of Spirit Realty Capital by 6.7% in the second quarter. Strs Ohio now owns 690,557 shares of the real estate investment trust’s stock worth $8,818,000 after buying an additional 43,397 shares during the period. Capital Fund Management S.A. purchased a new position in Spirit Realty Capital during the second quarter valued at about $7,291,000. BlackRock Group LTD raised its position in Spirit Realty Capital by 3.2% in the first quarter. BlackRock Group LTD now owns 2,945,023 shares of the real estate investment trust’s stock valued at $33,131,000 after buying an additional 91,113 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Spirit Realty Capital during the first quarter valued at about $291,000. Finally, Utah Retirement Systems raised its position in Spirit Realty Capital by 10.3% in the second quarter. Utah Retirement Systems now owns 97,700 shares of the real estate investment trust’s stock valued at $1,247,000 after buying an additional 9,100 shares during the last quarter. Institutional investors own 95.35% of the company’s stock.
Shares of Spirit Realty Capital Inc. (NYSE:SRC) traded down 0.65% during midday trading on Friday, reaching $12.29. 5,618,137 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $13.21 and a 200-day moving average of $12.40. Spirit Realty Capital Inc. has a 12-month low of $8.90 and a 12-month high of $13.97. The stock has a market capitalization of $5.90 billion, a P/E ratio of 54.87 and a beta of 0.54.
Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $171.70 million for the quarter, compared to analyst estimates of $164.29 million. Spirit Realty Capital had a net margin of 15.36% and a return on equity of 2.91%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. Analysts anticipate that Spirit Realty Capital Inc. will post $0.87 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 5.70%. The ex-dividend date is Wednesday, September 28th. Spirit Realty Capital’s dividend payout ratio (DPR) is presently 304.36%.
Several equities analysts recently issued reports on the stock. Janney Montgomery Scott assumed coverage on shares of Spirit Realty Capital in a report on Wednesday, September 7th. They issued a “buy” rating and a $14.50 target price on the stock. They noted that the move was a valuation call. Morgan Stanley upgraded shares of Spirit Realty Capital from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $11.00 to $15.00 in a report on Wednesday, September 7th. BTIG Research assumed coverage on shares of Spirit Realty Capital in a report on Thursday, August 25th. They set a “buy” rating and a $15.00 price objective on the stock. Zacks Investment Research lowered shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Finally, Wunderlich upped their price objective on shares of Spirit Realty Capital from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $13.05.
In other Spirit Realty Capital news, CEO Thomas H. Nolan, Jr. sold 15,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $13.23, for a total value of $198,450.00. Following the sale, the chief executive officer now owns 858,186 shares of the company’s stock, valued at approximately $11,353,800.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by company insiders.
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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