Teachers Insurance & Annuity Association of America lowered its stake in shares of Store Capital Corp (NYSE:STOR) by 57.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,048 shares of the real estate investment trust’s stock after selling 103,224 shares during the quarter. Teachers Insurance & Annuity Association of America’s holdings in Store Capital were worth $2,490,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of STOR. Duff & Phelps Investment Management Co. acquired a new stake in shares of Store Capital during the second quarter worth about $46,688,000. Principal Financial Group Inc. boosted its position in shares of Store Capital by 6.7% in the 1st quarter. Principal Financial Group Inc. now owns 11,257,558 shares of the real estate investment trust’s stock valued at $377,128,000 after purchasing an additional 709,125 shares during the period. Geode Capital Management LLC grew its stake in Store Capital by 26.2% during the 4th quarter. Geode Capital Management LLC now owns 1,935,183 shares of the real estate investment trust’s stock worth $54,785,000 after buying an additional 401,416 shares during the last quarter. Keybank National Association OH purchased a new position in Store Capital during the 2nd quarter worth approximately $9,996,000. Finally, BlackRock Inc. grew its stake in Store Capital by 2.1% during the 1st quarter. BlackRock Inc. now owns 13,720,349 shares of the real estate investment trust’s stock worth $459,631,000 after buying an additional 286,783 shares during the last quarter. Institutional investors and hedge funds own 90.95% of the company’s stock.
A number of brokerages have weighed in on STOR. Zacks Investment Research cut Store Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. ValuEngine cut shares of Store Capital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Deutsche Bank assumed coverage on shares of Store Capital in a research report on Tuesday, August 27th. They issued a “buy” rating and a $40.00 price target for the company. Morgan Stanley increased their price target on shares of Store Capital from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Finally, Raymond James set a $39.00 price objective on shares of Store Capital and gave the stock a “buy” rating in a research report on Monday, August 26th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $37.00.
Store Capital (NYSE:STOR) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.30 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $162.18 million. During the same quarter last year, the company earned $0.46 EPS. Store Capital’s revenue for the quarter was up 24.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Store Capital Corp will post 1.9 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Friday, September 27th. This is a boost from Store Capital’s previous quarterly dividend of $0.33. Store Capital’s dividend payout ratio (DPR) is 71.74%.
Store Capital Company Profile
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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