Spirit Realty Capital (NYSE: SRC) was upgraded from a “hold” rating to a “buy” rating by Zacks Investment Research in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage firm currently has a price target of $ 54.00 on the stock of the Real Estate Investment Trust. Zacks Investment Research’s price target suggests a potential upside of 13.23% from the stock’s previous closing price.
According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single-tenant real estate that is essential for its operation, in which the tenants carry out retail, service or sales activities. The company has investments across the United States. Properties are rented to tenants in a variety of industries including restaurants, general retailers, specialty and discount stores, movie theaters, educational establishments, health, fitness and recreational facilities, auto dealerships, parts and service facilities, and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “
Several other research firms have also recently looked at SRC. Truist raised its price target for shares in Spirit Realty Capital from USD 50.00 to USD 55.00 and rated the share as “Buy” in a research report on Monday, August 16. They discovered that the move was a call for evaluation. The Royal Bank of Canada began reporting on stocks of Spirit Realty Capital in a research report on Friday, September 17th. You set a “Sector Performance” rating and a target price of $ 53.00 for the stock. Truist Securities raised its target price on shares of Spirit Realty Capital from $ 50.00 to $ 55.00 and gave the company a “Buy” rating in a research report on Monday, August 16. Jefferies Financial Group set a price target of $ 48.63 on the shares of Spirit Realty Capital and rated the company as a “Buy” in a research report on Friday, July 16. Finally, TheStreet upgraded the shares of Spirit Realty Capital from a “c +” rating to a “b” rating in a research report on Monday, August 9th. Five investment analysts have rated the stock with a hold rating and six with a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $ 52.46.
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SRC opened at $ 47.69 on Wednesday. The company has a current metric of 0.06, a quick ratio of 0.06 and debt of 0.78. Spirit Realty Capital has a 1-year low of $ 29.40 and a 1-year high of $ 52.29. The company has a market cap of $ 5.68 billion, a P / E of 45.42, a PEG of 2.91, and a beta of 1.28. The company’s 50 day simple moving average is $ 49.51 and the 200 day simple moving average is $ 48.26.
Spirit Realty Capital (NYSE: SRC) last released its quarterly results on Tuesday, August 3rd. The Real Estate Investment Trust reported earnings of $ 0.74 per share for the quarter, matching Thomson Reuters’ consensus estimate of $ 0.74. Spirit Realty Capital had a net margin of 23.87% and a return on equity of 3.84%. The company had revenue of $ 164.45 million for the quarter, compared to the consensus estimate of $ 136.69 million. Equity analysts predict that Spirit Realty Capital will generate earnings per share of 3.05 for the current fiscal year.
In other news from Spirit Realty Capital, director Michelle M. Frymire acquired 2,386 shares in the company in a transaction on Wednesday, September 8th. The stock was purchased for an average price of $ 51.00 per share for a total value of $ 121,686.00. After the purchase, the director now directly owns 4,772 shares in the company valued at approximately $ 243,372. The purchase was announced in a legal filing with the SEC, which is available on the SEC website. Company insiders own 0.56% of the company’s shares.
Hedge funds recently added or reduced their stake in the stock. Brookstone Capital Management added a new position in Spirit Realty Capital shares valued at approximately $ 276,000 in the second quarter. Schroder Investment Management Group acquired a new position in Spirit Realty Capital shares valued at approximately $ 200,000 in the first quarter. Great West Life Assurance Co. Can increased its stake in Spirit Realty Capital by 1.4% in the second quarter. Great West Life Assurance Co. Can now owns 117,864 shares in the real estate investment trust valued at $ 5,639,000 after purchasing an additional 1,637 shares during the period. The California State Teachers Retirement System increased its stake in Spirit Realty Capital by 4.8% in the first quarter. The California State Teachers Retirement System now owns 198,329 shares in the real estate investment trust valued at $ 8,429,000 after purchasing an additional 9,035 shares during the reporting period. Finally, the State of Wisconsin Investment Board increased its stake in Spirit Realty Capital by 3.6% in the 1st quarter. The State of Wisconsin Investment Board now owns 14,478 shares of the real estate mutual fund, valued at $ 615,000, after purchasing an additional 502 shares during the period. 96.78% of the shares are owned by hedge funds and other institutional investors.
About Spirit Realty Capital
Spirit Realty Capital, Inc. is a holding company. His in-house skills include acquisition, portfolio management, asset management, credit research, real estate research, law, finance and accounting, and capital markets. The company was founded on August 14, 2003 and is headquartered in Dallas, TX.
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