Spirit Realty Capital (NYSE:SRC) Updates FY19 Earnings Guidance

Spirit Realty Capital (NYSE:SRC) updated its FY19 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.39-3.43 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.34. Spirit Realty Capital also updated its FY 2019 guidance to $3.39-3.43 EPS.

A number of brokerages have weighed in on SRC. JPMorgan Chase & Co. boosted their price target on Spirit Realty Capital from $41.00 to $44.00 and gave the stock a neutral rating in a research report on Tuesday, June 4th. ValuEngine cut Spirit Realty Capital from a buy rating to a hold rating in a report on Thursday, June 27th. Deutsche Bank cut Spirit Realty Capital from a buy rating to a hold rating in a report on Wednesday, May 8th. Morgan Stanley upgraded Spirit Realty Capital from an equal weight rating to an overweight rating and boosted their price objective for the stock from $41.00 to $49.00 in a report on Wednesday, July 10th. Finally, Zacks Investment Research upgraded Spirit Realty Capital from a sell rating to a hold rating in a report on Friday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Spirit Realty Capital has an average rating of Hold and an average target price of $43.75.

Shares of NYSE:SRC traded down $0.13 during trading on Friday, reaching $46.15. 758,654 shares of the stock were exchanged, compared to its average volume of 989,938. Spirit Realty Capital has a 12 month low of $33.86 and a 12 month high of $46.56. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 12.21 and a beta of 0.42. The company’s 50-day moving average is $44.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.42 and a current ratio of 0.36.

Spirit Realty Capital (NYSE:SRC) last issued its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.33). Spirit Realty Capital had a return on equity of 6.54% and a net margin of 37.11%. The firm had revenue of $115.70 million for the quarter, compared to the consensus estimate of $108.48 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The company’s revenue was up 12.9% on a year-over-year basis. On average, analysts anticipate that Spirit Realty Capital will post 3.18 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.42%. The ex-dividend date was Thursday, June 27th. Spirit Realty Capital’s dividend payout ratio is presently 66.14%.

In other news, EVP Jay Young sold 10,648 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $45.79, for a total transaction of $487,571.92. Following the completion of the sale, the executive vice president now owns 18,890 shares in the company, valued at $864,973.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.92% of the company’s stock.

About Spirit Realty Capital

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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