Spirit Realty Capital (NYSE:SRC) Stock Rating Lowered by Janney Montgomery Scott

Spirit Realty Capital (NYSE:SRC) was downgraded by equities research analysts at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a report released on Thursday, MarketBeat Ratings reports. They currently have a $40.00 price target on the real estate investment trust’s stock. Janney Montgomery Scott’s target price points to a potential upside of 3.28% from the stock’s current price.

Several other brokerages have also issued reports on SRC. Bank of America lowered shares of Spirit Realty Capital from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $42.00 to $33.00 in a research report on Tuesday, October 10th. Wells Fargo & Company assumed coverage on Spirit Realty Capital in a research note on Wednesday, September 20th. They set an “underweight” rating and a $36.00 price objective for the company. Truist Financial decreased their target price on Spirit Realty Capital from $46.00 to $45.00 in a research report on Wednesday, August 30th. Stifel Nicolaus lifted their price target on Spirit Realty Capital from $45.50 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Finally, Mizuho increased their price objective on Spirit Realty Capital from $40.00 to $41.00 in a research note on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $41.33.

Spirit Realty Capital Stock Performance

Shares of NYSE SRC opened at $38.73 on Thursday. The company has a market capitalization of $5.47 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 0.28 and a beta of 1.27. 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 fifty day moving average price is $35.28 and its 200 day moving average price is $37.86. Spirit Realty Capital has a 1 year low of $32.22 and a 1 year high of $44.65.

Spirit Realty Capital (NYSE:SRC) last posted its earnings results on Monday, August 7th. The real estate investment trust reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.50). Spirit Realty Capital had a net margin of 39.59% and a return on equity of 6.69%. The business had revenue of $1.00 million for the quarter, compared to analyst estimates of $187.23 million. During the same quarter last year, the business earned $0.90 earnings per share. Spirit Realty Capital’s revenue was up .0% on a year-over-year basis. On average, research analysts predict that Spirit Realty Capital will post 3.45 earnings per share for the current year.

Hedge Funds Weigh In On Spirit Realty Capital

Hedge funds have recently modified their holdings of the business. Treasurer of the State of North Carolina boosted its stake in Spirit Realty Capital by 0.7% during the first quarter. Treasurer of the State of North Carolina now owns 60,832 shares of the real estate investment trust’s stock worth $2,424,000 after buying an additional 430 shares during the period. Shell Asset Management Co. boosted its position in shares of Spirit Realty Capital by 97.5% during the 2nd quarter. Shell Asset Management Co. now owns 19,305 shares of the real estate investment trust’s stock worth $760,000 after purchasing an additional 9,531 shares during the period. Independent Advisor Alliance acquired a new stake in Spirit Realty Capital in the 1st quarter valued at approximately $221,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Spirit Realty Capital by 9.7% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 20,717 shares of the real estate investment trust’s stock valued at $825,000 after purchasing an additional 1,825 shares during the period. Finally, Ahrens Investment Partners LLC purchased a new stake in Spirit Realty Capital in the first quarter valued at approximately $67,000. 96.09% of the stock is currently owned by hedge funds and other institutional investors.

Spirit Realty Capital Company 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.