Spirit Realty Capital (NYSE:SRC) Price Target Raised to $51.00

Spirit Realty Capital (NYSE:SRC) had its price target hoisted by Morgan Stanley from $49.00 to $51.00 in a research note issued to investors on Tuesday, AnalystRatings.com reports. Morgan Stanley currently has an overweight rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on SRC. Zacks Investment Research raised Spirit Realty Capital from a sell rating to a hold rating in a report on Wednesday, August 28th. 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 report on Tuesday, June 4th. Stifel Nicolaus started coverage on Spirit Realty Capital in a report on Thursday, August 29th. They issued a buy rating and a $51.50 price target on the stock. Finally, ValuEngine downgraded Spirit Realty Capital from a buy rating to a hold rating in a report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Spirit Realty Capital currently has an average rating of Hold and a consensus price target of $45.70.

Shares of NYSE SRC opened at $48.06 on Tuesday. The company has a market cap of $4.33 billion, a price-to-earnings ratio of 12.71 and a beta of 0.39. Spirit Realty Capital has a 12-month low of $33.86 and a 12-month high of $48.59. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.77. The stock’s 50 day simple moving average is $46.46 and its 200 day simple moving average is $42.95.

Spirit Realty Capital (NYSE:SRC) last announced its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.33). The company had revenue of $115.70 million during the quarter, compared to the consensus estimate of $108.48 million. Spirit Realty Capital had a return on equity of 6.54% and a net margin of 37.11%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business posted $0.20 EPS. As a group, equities analysts forecast that Spirit Realty Capital will post 3.14 earnings per share for the current fiscal year.

The firm also recently announced a — dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.625 per share. This represents a yield of 5.3%. The ex-dividend date is Friday, September 27th. Spirit Realty Capital’s payout ratio is currently 66.14%.

In other Spirit Realty Capital news, EVP Jay Young sold 10,648 shares of Spirit Realty Capital stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $45.79, for a total transaction of $487,571.92. Following the sale, the executive vice president now 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 owned by insiders.

A number of institutional investors have recently made changes to their positions in SRC. Brookfield Asset Management Inc. bought a new stake in Spirit Realty Capital during the 2nd quarter valued at $72,835,000. Long Pond Capital LP raised its stake in Spirit Realty Capital by 463.2% during the 2nd quarter. Long Pond Capital LP now owns 1,811,310 shares of the real estate investment trust’s stock valued at $77,270,000 after acquiring 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 2nd quarter valued at $49,585,000. Vanguard Group Inc. increased its position in shares of Spirit Realty Capital by 5.5% during 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 purchasing an additional 763,350 shares during the period. Finally, Nuveen Asset Management LLC acquired a new position in shares of Spirit Realty Capital during the 2nd quarter valued at $30,091,000.

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.

Further Reading: Outstanding Shares and The Effect on Share Price

Analyst Recommendations for Spirit Realty Capital (NYSE:SRC)

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