Spirit Realty Capital, Inc. (NYSE:SRC – Get Rating) announced a quarterly dividend on Wednesday, February 16th, Wall Street Journal reports. Shareholders of record on Thursday, March 31st will be paid a dividend of 0.638 per share by the real estate investment trust on Thursday, April 14th. This represents a $2.55 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date is Wednesday, March 30th.
Spirit Realty Capital has decreased its dividend by 6.1% over the last three years and has raised its dividend annually for the last 1 consecutive years. Spirit Realty Capital has a payout ratio of 167.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Spirit Realty Capital to earn $3.60 per share next year, which means the company should continue to be able to cover its $2.55 annual dividend with an expected future payout ratio of 70.8%.
Shares of NYSE:SRC opened at $45.98 on Monday. The business’s fifty day moving average price is $46.18 and its two-hundred day moving average price is $47.34. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.15 and a quick ratio of 0.15. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 33.81 and a beta of 1.28. Spirit Realty Capital has a fifty-two week low of $41.78 and a fifty-two week high of $52.29.
Spirit Realty Capital (NYSE:SRC – Get Rating) last released its earnings results on Monday, February 14th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.50). Spirit Realty Capital had a net margin of 27.80% and a return on equity of 4.60%. The company had revenue of $156.06 million during the quarter, compared to analyst estimates of $156.35 million. During the same period in the previous year, the company posted $0.74 EPS. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. Research analysts expect that Spirit Realty Capital will post 3.43 EPS for the current fiscal year.
SRC has been the topic of a number of research analyst reports. Zacks Investment Research raised Spirit Realty Capital from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Tuesday, March 15th. Morgan Stanley reduced their target price on Spirit Realty Capital from $55.00 to $50.00 and set an “equal weight” rating for the company in a research note on Friday, December 3rd. Janney Montgomery Scott upgraded Spirit Realty Capital from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $52.00 to $53.00 in a research note on Wednesday, January 12th. Jefferies Financial Group downgraded Spirit Realty Capital from a “buy” rating to a “hold” rating and reduced their target price for the stock from $56.00 to $52.00 in a research note on Monday, January 10th. Finally, Raymond James reduced their target price on Spirit Realty Capital from $55.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, February 16th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Spirit Realty Capital has an average rating of “Buy” and an average target price of $52.80.
In other Spirit Realty Capital news, CAO Jay Young sold 19,037 shares of the company’s stock in a transaction dated Friday, February 25th. The stock was sold at an average price of $46.38, for a total value of $882,936.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.56% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Toroso Investments LLC bought a new stake in shares of Spirit Realty Capital during the 4th quarter valued at about $203,000. Walleye Trading LLC acquired a new position in Spirit Realty Capital during the 4th quarter worth approximately $268,000. Penserra Capital Management LLC raised its stake in Spirit Realty Capital by 194.9% during the 4th quarter. Penserra Capital Management LLC now owns 6,098 shares of the real estate investment trust’s stock worth $293,000 after buying an additional 4,030 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Spirit Realty Capital in the fourth quarter worth approximately $434,000. Finally, Cetera Investment Advisers raised its stake in shares of Spirit Realty Capital by 24.9% in the fourth quarter. Cetera Investment Advisers now owns 9,578 shares of the real estate investment trust’s stock worth $462,000 after purchasing an additional 1,910 shares during the last quarter. Institutional investors own 93.92% of the company’s stock.
Spirit Realty Capital Company Profile (Get Rating)
Spirit Realty Capital, Inc operates as a holding company. Its in-house capabilities include acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting and capital markets. The company was founded on August 14, 2003 and is headquartered in Dallas, TX.
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