Spirit Realty Capital, Inc. (NYSE:SRC)‘s stock had its “hold” rating restated by research analysts at SunTrust Banks, Inc. in a report issued on Friday, November 3rd. They presently have a $8.50 target price on the real estate investment trust’s stock. SunTrust Banks, Inc.’s target price points to a potential downside of 0.93% from the stock’s previous close.
Other research analysts also recently issued research reports about the company. Bank of America Corporation upgraded Spirit Realty Capital from an “underperform” rating to a “buy” rating and raised their price target for the stock from $6.50 to $9.75 in a research note on Wednesday, August 16th. BidaskClub raised Spirit Realty Capital from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Mizuho set a $9.00 price target on Spirit Realty Capital and gave the company a “buy” rating in a report on Sunday, October 22nd. Zacks Investment Research cut Spirit Realty Capital from a “hold” rating to a “sell” rating in a report on Tuesday, August 15th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $11.00 price objective on shares of Spirit Realty Capital in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Spirit Realty Capital has an average rating of “Hold” and a consensus target price of $9.47.
Spirit Realty Capital (NYSE:SRC) opened at $8.58 on Friday. The company has a market capitalization of $3,929.83, a PE ratio of 10.14 and a beta of 0.56. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.59 and a quick ratio of 0.59. Spirit Realty Capital has a 1-year low of $6.64 and a 1-year high of $11.29.
Spirit Realty Capital declared that its board has approved a stock buyback plan on Monday, August 14th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the real estate investment trust to purchase up to 6.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
Several large investors have recently bought and sold shares of SRC. Cubist Systematic Strategies LLC grew its holdings in Spirit Realty Capital by 302.0% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 154,870 shares of the real estate investment trust’s stock worth $1,327,000 after buying an additional 116,343 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in Spirit Realty Capital by 474.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,033,700 shares of the real estate investment trust’s stock worth $8,859,000 after buying an additional 853,700 shares in the last quarter. Highbridge Capital Management LLC grew its holdings in Spirit Realty Capital by 329.3% in the 3rd quarter. Highbridge Capital Management LLC now owns 588,168 shares of the real estate investment trust’s stock worth $5,041,000 after buying an additional 451,168 shares in the last quarter. Monarch Alternative Capital LP grew its holdings in Spirit Realty Capital by 19.2% in the 3rd quarter. Monarch Alternative Capital LP now owns 11,730,897 shares of the real estate investment trust’s stock worth $100,534,000 after buying an additional 1,891,100 shares in the last quarter. Finally, Marathon Asset Management LP bought a new position in Spirit Realty Capital in the 3rd quarter worth approximately $26,267,000. 92.86% 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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