Store Capital Corp (NYSE:STOR) to Issue Dividend Increase – $0.35 Per Share

Store Capital Corp (NYSE:STOR) declared a quarterly dividend on Tuesday, September 10th, Zacks reports. Investors of record on Monday, September 30th will be given a dividend of 0.35 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Friday, September 27th. This is a boost from Store Capital’s previous quarterly dividend of $0.33.

Store Capital has raised its dividend by an average of 12.5% per year over the last three years and has raised its dividend every year for the last 3 years. Store Capital has a dividend payout ratio of 75.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Store Capital to earn $2.03 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 65.0%.

STOR traded down $0.01 on Wednesday, reaching $36.22. The company had a trading volume of 142,572 shares, compared to its average volume of 1,349,074. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.52. Store Capital has a 1 year low of $26.93 and a 1 year high of $38.76. The stock has a market capitalization of $8.19 billion, a PE ratio of 19.69, a P/E/G ratio of 3.91 and a beta of 0.18. The stock has a 50-day moving average price of $36.14 and a 200-day moving average price of $34.20.

Store Capital (NYSE:STOR) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.17). Store Capital had a return on equity of 5.73% and a net margin of 36.14%. The firm had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $162.18 million. During the same period in the previous year, the business posted $0.46 EPS. The business’s revenue for the quarter was up 24.8% compared to the same quarter last year. As a group, analysts expect that Store Capital will post 1.9 earnings per share for the current fiscal year.

A number of analysts recently issued reports on STOR shares. Morgan Stanley upped their target price on Store Capital from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Deutsche Bank began coverage on Store Capital in a research report on Tuesday, August 27th. They set a “buy” rating and a $40.00 price target on the stock. BMO Capital Markets reaffirmed a “buy” rating and set a $35.00 price target on shares of Store Capital in a research report on Monday, August 5th. Zacks Investment Research cut Store Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, Raymond James set a $39.00 price objective on Store Capital and gave the company a “buy” rating in a report on Monday, August 26th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $37.00.

About Store Capital

STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is the leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in 2,255 property locations, substantially all of which are profit centers, in 49 states.

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Dividend History for Store Capital (NYSE:STOR)

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