Spirit Realty Capital (NYSE:SRC) Releases Earnings Results, Misses Estimates By $0.25 EPS

Spirit Realty Capital (NYSE:SRC – Get Rating) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.25), reports. The firm had revenue of $173.56 million during the quarter, compared to analyst estimates of $172.40 million. Spirit Realty Capital had a return on equity of 5.52% and a net margin of 33.97%. Spirit Realty Capital updated its FY 2022 guidance to $3.52-$3.58 EPS.

Spirit Realty Capital Stock Performance

NYSE SRC opened at $42.58 on Friday. Spirit Realty Capital has a 1 year low of $35.79 and a 1 year high of $52.29. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.15 and a quick ratio of 0.31. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 4.76 and a beta of 1.25. The company has a fifty day moving average price of $40.43 and a 200-day moving average price of $43.48.

Spirit Realty Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were paid a $0.638 dividend. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $2.55 annualized dividend and a dividend yield of 5.99%. Spirit Realty Capital’s payout ratio is 151.79%.

Institutional Trading of Spirit Realty Capital

Several institutional investors have recently made changes to their positions in SRC. Lazard Asset Management LLC grew its position in Spirit Realty Capital by 17.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,489 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 223 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its position in Spirit Realty Capital by 1.5% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 16,021 shares of the real estate investment trust’s stock valued at $772,000 after buying an additional 238 shares during the period. Parallel Advisors LLC grew its position in Spirit Realty Capital by 24.5% during the second quarter. Parallel Advisors LLC now owns 1,230 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 242 shares during the period. Quadrant Capital Group LLC grew its position in Spirit Realty Capital by 24.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,300 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 255 shares during the period. Finally, Marcum Wealth LLC grew its position in Spirit Realty Capital by 5.3% during the first quarter. Marcum Wealth LLC now owns 6,031 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 301 shares during the period. Institutional investors own 97.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SRC. Jefferies Financial Group dropped their price target on shares of Spirit Realty Capital from $44.00 to $40.00 and set a “hold” rating on the stock in a research report on Thursday, June 30th. UBS Group dropped their target price on shares of Spirit Realty Capital from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, July 25th. JMP Securities assumed coverage on shares of Spirit Realty Capital in a research report on Tuesday, May 10th. They set an “outperform” rating and a $54.00 target price on the stock. Raymond James dropped their target price on shares of Spirit Realty Capital from $48.00 to $46.00 and set an “outperform” rating on the stock in a research report on Friday, July 8th. Finally, Truist Financial dropped their target price on shares of Spirit Realty Capital from $56.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, June 1st. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Spirit Realty Capital currently has a consensus rating of “Hold” and an average price target of $48.90.

Spirit Realty Capital Company Profile

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Spirit Realty Capital, Inc (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases. As of September 30, 2020, our diverse portfolio of 1,778 owned properties, with an aggregate leasable area of 37.2 million square feet in 48 states, included retail, industrial and office buildings leased to 296 tenants across 28 retail industries.