Cbre Clarion Securities LLC reduced its stake in Spirit Realty Capital, Inc. (NYSE:SRC) by 53.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 799,088 shares of the real estate investment trust’s stock after selling 920,972 shares during the period. Cbre Clarion Securities LLC’s holdings in Spirit Realty Capital were worth $33,961,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Long Pond Capital LP purchased a new stake in Spirit Realty Capital in the fourth quarter worth about $82,079,000. Norges Bank purchased a new stake in Spirit Realty Capital in the fourth quarter worth about $53,199,000. BlackRock Inc. grew its holdings in Spirit Realty Capital by 9.0% in the fourth quarter. BlackRock Inc. now owns 14,861,216 shares of the real estate investment trust’s stock worth $596,976,000 after purchasing an additional 1,225,086 shares during the period. V3 Capital Management L.P. purchased a new stake in Spirit Realty Capital in the fourth quarter worth about $20,323,000. Finally, Koshinski Asset Management Inc. purchased a new stake in Spirit Realty Capital in the fourth quarter worth about $182,000. 98.95% of the stock is owned by institutional investors.
SRC stock traded down $0.04 on Friday, hitting $50.88. The company had a trading volume of 4,699 shares, compared to its average volume of 784,906. Spirit Realty Capital, Inc. has a 12-month low of $29.40 and a 12-month high of $51.17. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.87. The company has a 50-day moving average of $46.31. The company has a market capitalization of $5.85 billion, a PE ratio of 181.86, a price-to-earnings-growth ratio of 3.65 and a beta of 1.27.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, June 30th will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend is Tuesday, June 29th. Spirit Realty Capital’s dividend payout ratio is currently 84.75%.
In other Spirit Realty Capital news, EVP Jay Young sold 15,000 shares of the stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $47.00, for a total value of $705,000.00. Following the transaction, the executive vice president now directly owns 26,412 shares in the company, valued at $1,241,364. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.56% of the company’s stock.
A number of equities research analysts have weighed in on SRC shares. Zacks Investment Research cut shares of Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, May 7th. Truist Securities upped their price objective on shares of Spirit Realty Capital from $43.00 to $48.00 in a report on Monday, March 22nd. Morgan Stanley increased their price target on shares of Spirit Realty Capital from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Thursday, June 3rd. Truist increased their price target on shares of Spirit Realty Capital from $43.00 to $48.00 in a report on Monday, March 22nd. Finally, UBS Group upgraded shares of Spirit Realty Capital from a “sell” rating to a “neutral” rating in a report on Friday, February 26th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $44.33.
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 September 30, 2020, our diverse portfolio of 1,778 owned properties, with an aggregate leasable area of 37.2 million square feet in 48 states, included retail, industrial and office buildings leased to 296 tenants across 28 retail industries.
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