Traders Buy Spirit Realty Capital, Inc (SRC) on Weakness After Earnings Miss

Traders Buy Spirit Realty Capital, Inc (SRC) on Weakness After Earnings Miss

Investors purchased shares of Spirit Realty Capital, Inc (NYSE:SRC) on weakness during trading hours on Thursday following a dissappointing earnings announcement. $142.47 million flowed into the stock on the tick-up and $79.61 million flowed out of the stock on the tick-down, for a money net flow of $62.86 million into the stock. Of all stocks tracked, Spirit Realty Capital had the 2nd highest net in-flow for the day. Spirit Realty Capital traded down ($2.21) for the day and closed at $6.71The real estate investment trust reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by $0.02. Spirit Realty Capital had a net margin of 16.77% and a return on equity of 3.17%. The company had revenue of $163.19 million for the quarter, compared to the consensus estimate of $169.84 million.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 14th. Stockholders of record on Friday, March 31st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.73%. The ex-dividend date of this dividend was Wednesday, March 29th. Spirit Realty Capital’s payout ratio is 288.00%.

A number of research firms have recently commented on SRC. Mizuho cut Spirit Realty Capital from a “neutral” rating to an “underperform” rating in a research note on Thursday. Janney Montgomery Scott cut Spirit Realty Capital from a “buy” rating to a “neutral” rating in a research note on Thursday. Sandler O’Neill cut Spirit Realty Capital from a “buy” rating to a “hold” rating and lowered their target price for the stock from $13.00 to $9.00 in a research note on Thursday. Ladenburg Thalmann Financial Services cut Spirit Realty Capital from a “buy” rating to a “neutral” rating in a research note on Thursday. Finally, FBR & Co began coverage on Spirit Realty Capital in a research note on Wednesday, January 4th. They set an “outperform” rating and a $13.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $12.90. Large investors have recently made changes to their positions in the company. Comerica Bank raised its stake in shares of Spirit Realty Capital by 87.6% in the fourth quarter. Comerica Bank now owns 38,087 shares of the real estate investment trust’s stock valued at $419,000 after buying an additional 17,782 shares during the period. BlackRock Investment Management LLC raised its stake in shares of Spirit Realty Capital by 4.8% in the third quarter. BlackRock Investment Management LLC now owns 251,095 shares of the real estate investment trust’s stock valued at $3,347,000 after buying an additional 11,595 shares during the period. BlackRock Advisors LLC raised its stake in shares of Spirit Realty Capital by 1.8% in the third quarter. BlackRock Advisors LLC now owns 269,549 shares of the real estate investment trust’s stock valued at $3,593,000 after buying an additional 4,652 shares during the period. AQR Capital Management LLC raised its stake in shares of Spirit Realty Capital by 74.3% in the fourth quarter. AQR Capital Management LLC now owns 301,218 shares of the real estate investment trust’s stock valued at $3,271,000 after buying an additional 128,389 shares during the period. Finally, Norges Bank purchased a new stake in shares of Spirit Realty Capital during the fourth quarter valued at $41,964,000. 96.54% of the stock is owned by institutional investors.

Spirit Realty Capital Company Profile 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.

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