M&T Bank Corp Grows Position in Spirit Realty Capital, Inc. (NYSE:SRC)

M&T Bank Corp raised its holdings in shares of Spirit Realty Capital, Inc. (NYSE:SRC) by 9.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,903 shares of the real estate investment trust’s stock after buying an additional 1,588 shares during the quarter. M&T Bank Corp’s holdings in Spirit Realty Capital were worth $753,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Money Concepts Capital Corp purchased a new stake in shares of Spirit Realty Capital during the fourth quarter worth $25,000. CoreCap Advisors LLC purchased a new stake in shares of Spirit Realty Capital in the fourth quarter valued at about $29,000. Householder Group Estate & Retirement Specialist LLC grew its holdings in shares of Spirit Realty Capital by 938.4% in the first quarter. Householder Group Estate & Retirement Specialist LLC now owns 758 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 685 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in shares of Spirit Realty Capital in the fourth quarter valued at about $34,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Spirit Realty Capital in the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 96.09% of the company’s stock.

Spirit Realty Capital Stock Up 0.1 %

Shares of SRC opened at $38.65 on Friday. The stock has a market capitalization of $5.46 billion, a PE ratio of 18.95, a P/E/G ratio of 0.69 and a beta of 1.24. Spirit Realty Capital, Inc. has a 1 year low of $34.31 and a 1 year high of $44.65. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day simple moving average is $39.62 and its 200-day simple moving average is $39.51.

Spirit Realty Capital (NYSE:SRC) last issued its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.50). The business had revenue of $1.00 million for the quarter, compared to analyst estimates of $187.23 million. Spirit Realty Capital had a return on equity of 6.69% and a net margin of 39.59%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 EPS. Analysts forecast that Spirit Realty Capital, Inc. will post 3.45 earnings per share for the current fiscal year.

Spirit Realty Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a $0.6696 dividend. This is a boost from Spirit Realty Capital’s previous quarterly dividend of $0.66. The ex-dividend date is Thursday, September 28th. This represents a $2.68 annualized dividend and a yield of 6.93%. Spirit Realty Capital’s dividend payout ratio (DPR) is 130.88%.

Insider Activity at Spirit Realty Capital

In related news, Director Michelle M. Frymire sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $39.75, for a total value of $159,000.00. Following the sale, the director now owns 10,009 shares of the company’s stock, valued at $397,857.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on SRC. Mizuho upped their price objective on shares of Spirit Realty Capital from $40.00 to $41.00 in a report on Thursday, August 10th. BNP Paribas initiated coverage on shares of Spirit Realty Capital in a research note on Wednesday, June 14th. They set an “underperform” rating and a $42.00 target price for the company. Stifel Nicolaus increased their target price on shares of Spirit Realty Capital from $45.50 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. StockNews.com initiated coverage on shares of Spirit Realty Capital in a research note on Thursday, August 17th. They set a “hold” rating for the company. Finally, Truist Financial lowered their target price on shares of Spirit Realty Capital from $46.00 to $45.00 in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $42.88.

Spirit Realty Capital Profile

Spirit Realty Capital, Inc (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases. As of June 30, 2023, our diverse portfolio consisted of 2,064 retail, industrial and other properties across 49 states, which were leased to 345 tenants operating in 37 industries.