Principal Financial Group Inc. lowered its stake in Spirit Realty Capital Inc (NYSE:SRC) by 2.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,753,818 shares of the real estate investment trust’s stock after selling 121,857 shares during the period. Principal Financial Group Inc. owned approximately 5.44% of Spirit Realty Capital worth $188,869,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in SRC. Osborn Williams & Donohoe LLC acquired a new position in shares of Spirit Realty Capital in the first quarter valued at approximately $25,000. We Are One Seven LLC acquired a new position in shares of Spirit Realty Capital in the fourth quarter valued at approximately $29,000. Pinnacle Financial Partners Inc. acquired a new position in shares of Spirit Realty Capital in the first quarter valued at approximately $44,000. Quantamental Technologies LLC acquired a new position in shares of Spirit Realty Capital in the first quarter valued at approximately $111,000. Finally, Ellis Investment Partners LLC acquired a new position in shares of Spirit Realty Capital in the first quarter valued at approximately $114,000. 90.59% of the stock is currently owned by institutional investors and hedge funds.
SRC has been the topic of a number of recent research reports. Zacks Investment Research lowered Spirit Realty Capital from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Deutsche Bank downgraded Spirit Realty Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. ValuEngine upgraded Spirit Realty Capital from a “hold” rating to a “buy” rating in a research note on Monday, June 3rd. Finally, JPMorgan Chase & Co. lifted their price target on Spirit Realty Capital from $41.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, June 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $42.00.
Spirit Realty Capital (NYSE:SRC) last posted its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.33). The firm had revenue of $112.59 million for the quarter, compared to analysts’ expectations of $104.71 million. Spirit Realty Capital had a return on equity of 5.82% and a net margin of 31.91%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 earnings per share. Analysts predict that Spirit Realty Capital Inc will post 3.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.625 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.50 annualized dividend and a dividend yield of 5.86%. Spirit Realty Capital’s dividend payout ratio is currently 66.14%.
Spirit Realty Capital Profile
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.
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