Trade Report: The Zacks Investment Research Upgraded Spirit Realty Capital Inc. (SRC) to Hold

The Zacks Investment Research Upgraded Spirit Realty Capital Inc. (SRC) to Hold

Zacks Investment Research upgraded shares of Spirit Realty Capital Inc. (NYSE:SRC) from a sell rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “Spirit Realty Capital, Inc. is a real estate investment trust. It acquires single tenant, operationally essential real estate where the tenants conduct retail, service or distribution activities. The Company has investments throughout the United States. Its portfolio of properties is leased to tenants operating in different industries which includes restaurants; general, specialty and discount retailers; movie theatres; education facilities; health, fitness and recreational facilities; automotive dealers, parts and service facilities; and supermarkets. Spirit Realty Capital, Inc. is based in Scottsdale, Arizona. “

Other analysts have also recently issued reports about the stock. BTIG Research initiated coverage on shares of Spirit Realty Capital in a research note on Thursday, August 25th. They set a buy rating and a $15.00 price objective on the stock. Wunderlich upped their price objective on shares of Spirit Realty Capital from $14.00 to $15.00 and gave the stock a buy rating in a research note on Tuesday, August 9th. Mizuho initiated coverage on shares of Spirit Realty Capital in a research note on Thursday, October 13th. They set a buy rating and a $14.50 price objective on the stock. Janney Montgomery Scott initiated coverage on shares of Spirit Realty Capital in a research note on Wednesday, September 7th. They set a buy rating and a $14.50 price objective on the stock. They noted that the move was a valuation call. Finally, Robert W. Baird raised shares of Spirit Realty Capital from a neutral rating to an outperform rating and set a $13.00 price objective on the stock in a research note on Monday, November 21st. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $13.45.

Spirit Realty Capital (NYSE:SRC) opened at 10.85 on Tuesday. The stock has a market capitalization of $5.25 billion, a PE ratio of 48.65 and a beta of 0.61. Spirit Realty Capital has a 52-week low of $8.90 and a 52-week high of $13.97. The firm’s 50-day moving average is $11.62 and its 200 day moving average is $12.46.

In related news, CEO Thomas H. Nolan, Jr. sold 15,000 shares of the stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $13.23, for a total value of $198,450.00. Following the transaction, the chief executive officer now directly owns 858,186 shares in the company, valued at $11,353,800.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Phillip D. Joseph, Jr. acquired 2,516 shares of the business’s stock in a transaction that occurred on Thursday, November 10th. The stock was acquired at an average price of $10.75 per share, for a total transaction of $27,047.00. Following the completion of the acquisition, the chief financial officer now directly owns 90,378 shares of the company’s stock, valued at $971,563.50. The disclosure for this purchase can be found here. 0.50% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Spirit Realty Capital by 13.2% in the second quarter. Vanguard Group Inc. now owns 73,416,649 shares of the real estate investment trust’s stock valued at $937,531,000 after buying an additional 8,571,889 shares in the last quarter. Brookfield Asset Management Inc. raised its position in shares of Spirit Realty Capital by 158.1% in the second quarter. Brookfield Asset Management Inc. now owns 7,731,905 shares of the real estate investment trust’s stock valued at $98,736,000 after buying an additional 4,736,348 shares in the last quarter. Cbre Clarion Securities LLC raised its position in shares of Spirit Realty Capital by 15.5% in the second quarter. Cbre Clarion Securities LLC now owns 34,477,440 shares of the real estate investment trust’s stock valued at $440,277,000 after buying an additional 4,614,756 shares in the last quarter. Lasalle Investment Management Securities LLC raised its position in shares of Spirit Realty Capital by 31.9% in the second quarter. Lasalle Investment Management Securities LLC now owns 16,099,023 shares of the real estate investment trust’s stock valued at $205,585,000 after buying an additional 3,891,649 shares in the last quarter. Finally, Cohen & Steers Inc. raised its position in shares of Spirit Realty Capital by 5.9% in the second quarter. Cohen & Steers Inc. now owns 55,493,317 shares of the real estate investment trust’s stock valued at $708,650,000 after buying an additional 3,114,272 shares in the last quarter. Institutional investors and hedge funds own 97.31% of the company’s stock.

About Spirit Realty Capital

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.

Related posts

Leave a Comment