Spirit Realty Capital (NYSE:SRC) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Spirit Realty Capital (NYSE:SRC) from a sell rating to a hold rating in a research note released on Tuesday morning, 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 research analysts also recently weighed in on SRC. Morgan Stanley raised Spirit Realty Capital from an equal weight rating to an overweight rating and raised their price target for the stock from $41.00 to $49.00 in a research note on Wednesday, July 10th. JPMorgan Chase & Co. raised their price target on Spirit Realty Capital from $41.00 to $44.00 and gave the stock a neutral rating in a research note on Tuesday, June 4th. ValuEngine downgraded Spirit Realty Capital from a buy rating to a hold rating in a research note on Thursday, June 27th. Finally, Deutsche Bank downgraded Spirit Realty Capital from a buy rating to a hold rating in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $43.75.

SRC opened at $45.88 on Tuesday. Spirit Realty Capital has a fifty-two week low of $33.86 and a fifty-two week high of $46.86. The business has a 50-day moving average of $44.73 and a 200-day moving average of $41.90. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market capitalization of $4.13 billion, a PE ratio of 12.14 and a beta of 0.42.

Spirit Realty Capital (NYSE:SRC) last posted its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.49 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.33). Spirit Realty Capital had a return on equity of 6.54% and a net margin of 37.11%. The firm had revenue of $115.70 million for the quarter, compared to analysts’ expectations of $108.48 million. During the same period last year, the business earned $0.20 earnings per share. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities research analysts expect that Spirit Realty Capital will post 3.18 earnings per share for the current fiscal year.

In related news, EVP Jay Young sold 10,648 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $45.79, for a total value of $487,571.92. Following the transaction, the executive vice president now directly owns 18,890 shares of the company’s stock, valued at approximately $864,973.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.92% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Patriot Financial Group Insurance Agency LLC bought a new position in Spirit Realty Capital in the 2nd quarter worth approximately $27,000. Osborn Williams & Donohoe LLC bought a new position in Spirit Realty Capital in the 1st quarter worth approximately $25,000. Steward Partners Investment Advisory LLC bought a new position in Spirit Realty Capital in the 2nd quarter worth approximately $34,000. Prestige Wealth Management Group LLC bought a new position in Spirit Realty Capital in the 2nd quarter worth approximately $46,000. Finally, Pinnacle Financial Partners Inc. bought a new position in Spirit Realty Capital in the 1st quarter worth approximately $44,000. 89.82% of the stock is currently owned by institutional investors and hedge funds.

Spirit Realty Capital Company Profile

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.

See Also: Neutral Rating

Get a free copy of the Zacks research report on Spirit Realty Capital (SRC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Spirit Realty Capital (NYSE:SRC)

Receive News & Ratings for Spirit Realty Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Realty Capital and related companies with MarketBeat.com's FREE daily email newsletter.