Zacks: Analysts Anticipate Spirit Realty Capital, Inc. (NYSE:SRC) Will Announce Quarterly Sales of $130.84 Million


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Equities analysts expect Spirit Realty Capital, Inc. (NYSE:SRC) to report sales of $130.84 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Spirit Realty Capital’s earnings. The highest sales estimate is $132.83 million and the lowest is $128.95 million. Spirit Realty Capital posted sales of $121.36 million in the same quarter last year, which indicates a positive year over year growth rate of 7.8%. The business is scheduled to announce its next quarterly earnings report after the market closes on Wednesday, May 5th.

On average, analysts expect that Spirit Realty Capital will report full-year sales of $548.02 million for the current year, with estimates ranging from $518.51 million to $561.80 million. For the next fiscal year, analysts forecast that the firm will post sales of $603.17 million, with estimates ranging from $524.63 million to $633.50 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Spirit Realty Capital.

Spirit Realty Capital (NYSE:SRC) last released its earnings results on Thursday, February 18th. The real estate investment trust reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.06. Spirit Realty Capital had a return on equity of 0.07% and a net margin of 0.46%. The business had revenue of $128.60 million for the quarter, compared to the consensus estimate of $118.87 million. During the same quarter last year, the business posted $0.76 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year.

Several research firms have recently weighed in on SRC. Zacks Investment Research downgraded Spirit Realty Capital from a “buy” rating to a “hold” rating in a report on Friday, March 19th. Truist Securities raised their target price on Spirit Realty Capital from $43.00 to $48.00 in a report on Monday, March 22nd. Truist raised their price target on Spirit Realty Capital from $43.00 to $48.00 in a research report on Monday, March 22nd. UBS Group raised shares of Spirit Realty Capital from a “sell” rating to a “neutral” rating in a research note on Thursday, March 4th. Finally, Raymond James increased their target price on Spirit Realty Capital from $41.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, January 12th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.00.

Several hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. increased its holdings in shares of Spirit Realty Capital by 3.8% during the fourth quarter. Federated Hermes Inc. now owns 24,644 shares of the real estate investment trust’s stock worth $990,000 after purchasing an additional 896 shares during the period. Real Estate Management Services LLC boosted its stake in shares of Spirit Realty Capital by 16.7% in the 1st quarter. Real Estate Management Services LLC now owns 154,100 shares of the real estate investment trust’s stock valued at $6,549,000 after purchasing an additional 22,100 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Spirit Realty Capital by 103.3% in the 4th quarter. JPMorgan Chase & Co. now owns 865,657 shares of the real estate investment trust’s stock valued at $34,774,000 after acquiring an additional 439,954 shares during the last quarter. Alpha Omega Wealth Management LLC increased its holdings in Spirit Realty Capital by 0.5% in the 4th quarter. Alpha Omega Wealth Management LLC now owns 115,442 shares of the real estate investment trust’s stock worth $4,637,000 after purchasing an additional 608 shares in the last quarter. Finally, Semmax Financial Advisors Inc. increased its stake in shares of Spirit Realty Capital by 2.9% in the fourth quarter. Semmax Financial Advisors Inc. now owns 58,864 shares of the real estate investment trust’s stock valued at $2,365,000 after buying an additional 1,648 shares during the period. 98.65% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:SRC traded down $0.10 during trading on Friday, hitting $47.14. The company’s stock had a trading volume of 677,979 shares, compared to its average volume of 823,213. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.88 and a current ratio of 0.88. Spirit Realty Capital has a fifty-two week low of $23.88 and a fifty-two week high of $48.05. The company has a market capitalization of $5.42 billion, a PE ratio of -590.43 and a beta of 1.17. The business has a 50 day moving average price of $44.12 and a two-hundred day moving average price of $39.76.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st were issued a $0.625 dividend. The ex-dividend date was Tuesday, March 30th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.30%. Spirit Realty Capital’s payout ratio is 74.85%.

About Spirit Realty Capital

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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