California Public Employees Retirement System Increases Stake in Spirit Realty Capital, Inc. (SRC)

California Public Employees Retirement System lifted its holdings in Spirit Realty Capital, Inc. (NYSE:SRC) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 990,446 shares of the real estate investment trust’s stock after purchasing an additional 30,500 shares during the quarter. California Public Employees Retirement System owned 0.20% of Spirit Realty Capital worth $7,339,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. World Asset Management Inc lifted its position in shares of Spirit Realty Capital by 0.4% in the second quarter. World Asset Management Inc now owns 24,245 shares of the real estate investment trust’s stock worth $180,000 after purchasing an additional 108 shares in the last quarter. Lincoln National Corp lifted its position in shares of Spirit Realty Capital by 1.3% in the second quarter. Lincoln National Corp now owns 18,259 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 232 shares in the last quarter. Investment Centers of America Inc. lifted its position in shares of Spirit Realty Capital by 2.6% in the first quarter. Investment Centers of America Inc. now owns 13,850 shares of the real estate investment trust’s stock worth $141,000 after purchasing an additional 350 shares in the last quarter. Telos Capital Management Inc. lifted its position in shares of Spirit Realty Capital by 1.0% in the second quarter. Telos Capital Management Inc. now owns 49,633 shares of the real estate investment trust’s stock worth $368,000 after purchasing an additional 510 shares in the last quarter. Finally, State of Wisconsin Investment Board lifted its position in shares of Spirit Realty Capital by 0.8% in the second quarter. State of Wisconsin Investment Board now owns 96,460 shares of the real estate investment trust’s stock worth $715,000 after purchasing an additional 780 shares in the last quarter. 94.63% of the stock is currently owned by institutional investors and hedge funds.

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A number of brokerages have recently commented on SRC. ValuEngine lowered shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research raised shares of Spirit Realty Capital from a “hold” rating to a “buy” rating and set a $9.50 price objective on the stock in a research report on Thursday. BidaskClub raised shares of Spirit Realty Capital from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Bank of America Corporation raised shares of Spirit Realty Capital from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $6.50 to $9.75 in a research report on Wednesday, August 16th. Finally, Mizuho raised shares of Spirit Realty Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $7.50 to $9.00 in a research report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $9.88.

In other Spirit Realty Capital news, Director Todd A. Dunn bought 14,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were bought at an average cost of $8.49 per share, for a total transaction of $118,860.00. Following the purchase, the director now directly owns 64,560 shares of the company’s stock, valued at approximately $548,114.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Phillip D. Joseph, Jr. bought 6,061 shares of the stock in a transaction dated Tuesday, August 8th. The shares were acquired at an average price of $8.25 per share, for a total transaction of $50,003.25. Following the completion of the purchase, the chief financial officer now directly owns 138,504 shares in the company, valued at $1,142,658. The disclosure for this purchase can be found here. Insiders have acquired a total of 24,697 shares of company stock worth $207,130 over the last ninety days. Insiders own 0.50% of the company’s stock.

Shares of Spirit Realty Capital, Inc. (SRC) opened at 8.49 on Friday. Spirit Realty Capital, Inc. has a 52-week low of $6.64 and a 52-week high of $12.77. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 64.32 and a beta of 0.53. The firm’s 50-day moving average is $8.56 and its 200 day moving average is $8.37.

Spirit Realty Capital (NYSE:SRC) last posted its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The firm had revenue of $168.65 million for the quarter, compared to the consensus estimate of $163.19 million. Spirit Realty Capital had a net margin of 9.47% and a return on equity of 1.74%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.22 EPS. On average, equities research analysts anticipate that Spirit Realty Capital, Inc. will post $0.21 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 8.48%. The ex-dividend date of this dividend is Thursday, September 28th. Spirit Realty Capital’s dividend payout ratio is 514.29%.

Spirit Realty Capital announced that its board has approved a share buyback program on Monday, August 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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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Institutional Ownership by Quarter for Spirit Realty Capital (NYSE:SRC)

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