Spirit Realty Capital (NYSE:SRC) Rating Lowered to Hold at Zacks Investment Research

Spirit Realty Capital (NYSE:SRC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single tenant, operationally essential real estate where the tenants conduct retail, service or distribution activities. The Company has investments throughout the United States. Its portfolio of properties is leased to tenants operating in different industries which includes restaurants; general, specialty and discount retailers; movie theatres; education facilities; health, fitness and recreational facilities; automotive dealers, parts and service facilities; and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “

A number of other equities analysts have also recently issued reports on the company. Morgan Stanley increased their target price on Spirit Realty Capital from $49.00 to $51.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. upgraded shares of Spirit Realty Capital from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $50.00 to $52.00 in a research note on Tuesday, October 8th. Stifel Nicolaus boosted their price target on shares of Spirit Realty Capital from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Deutsche Bank upped their price objective on shares of Spirit Realty Capital from $50.00 to $52.00 and gave the stock a “hold” rating in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $51.50.

Shares of NYSE:SRC opened at $51.61 on Tuesday. The business’s 50 day simple moving average is $49.93 and its two-hundred day simple moving average is $46.45. The firm has a market cap of $5.23 billion, a P/E ratio of 13.65 and a beta of 0.38. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.89 and a current ratio of 2.89. Spirit Realty Capital has a 52-week low of $33.86 and a 52-week high of $52.84.

Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings data on Tuesday, November 5th. The real estate investment trust reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.65. The firm had revenue of $167.00 million during the quarter, compared to analysts’ expectations of $113.15 million. Spirit Realty Capital had a return on equity of 8.03% and a net margin of 42.82%. The company’s revenue for the quarter was up 52.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.16 earnings per share. On average, equities analysts forecast that Spirit Realty Capital will post 3.16 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in SRC. Brookfield Asset Management Inc. purchased a new stake in shares of Spirit Realty Capital in the second quarter worth approximately $72,835,000. Long Pond Capital LP grew its holdings in Spirit Realty Capital by 463.2% during the second quarter. Long Pond Capital LP now owns 1,811,310 shares of the real estate investment trust’s stock worth $77,270,000 after buying an additional 1,489,696 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Spirit Realty Capital during the second quarter worth $49,585,000. State Street Corp raised its position in Spirit Realty Capital by 43.9% in the 3rd quarter. State Street Corp now owns 3,359,961 shares of the real estate investment trust’s stock valued at $162,879,000 after buying an additional 1,024,631 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Spirit Realty Capital by 5.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,663,135 shares of the real estate investment trust’s stock valued at $625,530,000 after buying an additional 763,350 shares during the last quarter. Institutional investors and hedge funds own 92.31% of the company’s stock.

About Spirit Realty Capital

Spirit Realty Capital, Inc (NYSE: SRC) is a premier net-lease REIT that primarily invests in high-quality, operationally essential real estate, subject to long-term, net leases. Over the past decade, Spirit has become an industry leader and owner of income-producing, strategically located retail, industrial, office and data center properties.

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