Principal Financial Group Inc. cut its stake in Spirit Realty Capital Inc (NYSE:SRC) by 82.1% in the fourth quarter, Holdings Channel reports. The fund owned 4,875,675 shares of the real estate investment trust’s stock after selling 22,318,835 shares during the period. Principal Financial Group Inc. owned 0.06% of Spirit Realty Capital worth $171,868,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in SRC. Cohen & Steers Inc. raised its stake in shares of Spirit Realty Capital by 106.0% during the third quarter. Cohen & Steers Inc. now owns 6,095,107 shares of the real estate investment trust’s stock worth $49,127,000 after buying an additional 3,136,863 shares during the last quarter. FMR LLC raised its stake in shares of Spirit Realty Capital by 4.0% during the third quarter. FMR LLC now owns 57,715,627 shares of the real estate investment trust’s stock worth $465,189,000 after buying an additional 2,204,308 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Spirit Realty Capital during the third quarter worth approximately $10,827,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Spirit Realty Capital during the fourth quarter worth approximately $38,319,000. Finally, Mackenzie Financial Corp bought a new stake in shares of Spirit Realty Capital during the third quarter worth approximately $8,215,000. 90.05% of the stock is owned by institutional investors.
Spirit Realty Capital stock opened at $37.14 on Tuesday. The company has a market capitalization of $3.22 billion, a PE ratio of 9.83 and a beta of 0.52. Spirit Realty Capital Inc has a twelve month low of $33.86 and a twelve month high of $44.20. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.78.
Spirit Realty Capital (NYSE:SRC) last released its quarterly earnings results on Wednesday, February 20th. The real estate investment trust reported $0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.04. The company had revenue of $129.48 million during the quarter, compared to analysts’ expectations of $107.01 million. Spirit Realty Capital had a net margin of 26.05% and a return on equity of 5.16%. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 earnings per share. As a group, equities research analysts predict that Spirit Realty Capital Inc will post 3.25 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date is Thursday, March 28th. This is a positive change from Spirit Realty Capital’s previous quarterly dividend of $0.13. Spirit Realty Capital’s payout ratio is currently 66.14%.
A number of research firms recently weighed in on SRC. Zacks Investment Research downgraded shares of Spirit Realty Capital from a “hold” rating to a “sell” rating in a research note on Friday, December 7th. ValuEngine upgraded shares of Spirit Realty Capital from a “sell” rating to a “hold” rating in a report on Wednesday, December 5th. Mizuho upgraded shares of Spirit Realty Capital to a “buy” rating and set a $42.00 price objective for the company in a report on Wednesday, January 23rd. Finally, Raymond James cut shares of Spirit Realty Capital from a “market perform” rating to an “underperform” rating in a report on Thursday, December 6th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $42.38.
Spirit Realty Capital Company 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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