Robert W. Baird Lowers Spirit Realty Capital, Inc. (SRC) to Neutral

Robert W. Baird downgraded shares of Spirit Realty Capital, Inc. (NYSE:SRC) from an outperform rating to a neutral rating in a research note released on Friday, Marketbeat reports. The brokerage currently has $9.00 price target on the real estate investment trust’s stock, down from their prior price target of $10.00.

A number of other research firms have also recently issued reports on SRC. ValuEngine cut Spirit Realty Capital from a buy rating to a hold rating in a research note on Friday, September 1st. B. Riley reissued a buy rating on shares of Spirit Realty Capital in a research note on Friday, November 3rd. Zacks Investment Research cut Spirit Realty Capital from a buy rating to a hold rating in a research note on Wednesday, October 18th. SunTrust Banks, Inc. reissued a hold rating and set a $8.50 target price on shares of Spirit Realty Capital in a research note on Friday, November 3rd. Finally, BidaskClub raised Spirit Realty Capital from a buy rating to a strong-buy rating in a research note on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $9.51.

Spirit Realty Capital (SRC) traded down $0.06 during midday trading on Friday, reaching $8.56. The company had a trading volume of 4,535,900 shares, compared to its average volume of 10,538,602. Spirit Realty Capital has a twelve month low of $6.64 and a twelve month high of $11.29. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.19. The company has a market cap of $3,902.48, a PE ratio of 10.07 and a beta of 0.56.

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Spirit Realty Capital declared that its board has authorized a share repurchase program on Monday, August 14th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the real estate investment trust to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

A number of large investors have recently added to or reduced their stakes in SRC. Ameriprise Financial Inc. boosted its position in Spirit Realty Capital by 4.8% during the 1st quarter. Ameriprise Financial Inc. now owns 88,984 shares of the real estate investment trust’s stock worth $904,000 after acquiring an additional 4,078 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Spirit Realty Capital by 24.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,684 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 2,265 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Spirit Realty Capital by 8.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,554,397 shares of the real estate investment trust’s stock worth $15,747,000 after acquiring an additional 126,353 shares during the last quarter. State Street Corp boosted its position in Spirit Realty Capital by 2.7% during the 1st quarter. State Street Corp now owns 9,460,492 shares of the real estate investment trust’s stock worth $95,831,000 after acquiring an additional 248,781 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in Spirit Realty Capital by 0.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 225,899 shares of the real estate investment trust’s stock worth $2,288,000 after acquiring an additional 1,988 shares during the last quarter. 92.86% of the stock is owned by hedge funds and other institutional investors.

About Spirit Realty Capital

Spirit Realty Capital, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s operations are carried out through Spirit Realty, L.P. (the Operating Partnership). The Company invests in single-tenant, operationally essential real estate throughout the United States that is leased on a long-term, triple-net basis primarily to tenants engaged in retail, service and distribution industries.

Analyst Recommendations for Spirit Realty Capital (NYSE:SRC)

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