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The Manufacturers Life Insurance Company Cuts Stock Position in Spirit Realty Capital, Inc. (NYSE:SRC)

Defense World · Feb 1, 2023 06:32

The Manufacturers Life Insurance Company lessened its position in Spirit Realty Capital, Inc. (NYSE:SRC – Get Rating) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 116,513 shares of the real estate investment trust's stock after selling 1,773 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.09% of Spirit Realty Capital worth $4,213,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Spirit Realty Capital by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 18,866,824 shares of the real estate investment trust's stock valued at $868,251,000 after buying an additional 595,068 shares during the period. State Street Corp raised its holdings in shares of Spirit Realty Capital by 3.6% in the 2nd quarter. State Street Corp now owns 7,282,782 shares of the real estate investment trust's stock valued at $279,627,000 after buying an additional 250,469 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Spirit Realty Capital by 2.4% in the 2nd quarter. Macquarie Group Ltd. now owns 3,867,697 shares of the real estate investment trust's stock valued at $146,127,000 after buying an additional 91,039 shares during the period. Zimmer Partners LP raised its holdings in shares of Spirit Realty Capital by 80.0% in the 2nd quarter. Zimmer Partners LP now owns 3,375,000 shares of the real estate investment trust's stock valued at $127,508,000 after buying an additional 1,500,000 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in Spirit Realty Capital by 7.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,351,140 shares of the real estate investment trust's stock worth $88,826,000 after purchasing an additional 165,091 shares during the period. Hedge funds and other institutional investors own 93.01% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Mizuho upped their price target on Spirit Realty Capital from $37.00 to $42.00 and gave the stock a "neutral" rating in a report on Thursday, December 8th. StockNews.com assumed coverage on Spirit Realty Capital in a report on Wednesday, October 12th. They set a "hold" rating on the stock. Truist Financial cut their price target on Spirit Realty Capital from $52.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, December 2nd. Bank of America downgraded Spirit Realty Capital from a "buy" rating to a "neutral" rating and upped their price target for the stock from $42.00 to $43.00 in a report on Monday, November 14th. Finally, Raymond James downgraded Spirit Realty Capital from an "outperform" rating to a "market perform" rating in a report on Monday, January 9th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $43.78.

Insider Activity at Spirit Realty Capital

In other news, Director Richard I. Gilchrist bought 6,000 shares of the firm's stock in a transaction that occurred on Thursday, December 1st. The stock was purchased at an average cost of $41.91 per share, with a total value of $251,460.00. Following the transaction, the director now directly owns 44,409 shares in the company, valued at $1,861,181.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.58% of the company's stock.

Spirit Realty Capital Stock Up 2.7 %

Shares of NYSE SRC opened at $43.88 on Wednesday. The stock has a market cap of $6.13 billion, a PE ratio of 23.09, a price-to-earnings-growth ratio of 6.39 and a beta of 1.22. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.81. Spirit Realty Capital, Inc. has a 52-week low of $34.31 and a 52-week high of $48.24. The business has a 50-day moving average price of $41.14 and a 200 day moving average price of $40.49.

Spirit Realty Capital (NYSE:SRC – Get Rating) last announced its earnings results on Tuesday, November 8th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.86 by ($0.32). The firm had revenue of $180.30 million during the quarter, compared to analyst estimates of $179.54 million. Spirit Realty Capital had a net margin of 37.70% and a return on equity of 6.16%. Equities research analysts forecast that Spirit Realty Capital, Inc. will post 3.44 earnings per share for the current year.

Spirit Realty Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were given a $0.663 dividend. The ex-dividend date was Thursday, December 29th. This represents a $2.65 dividend on an annualized basis and a dividend yield of 6.04%. Spirit Realty Capital's dividend payout ratio (DPR) is presently 139.47%.

About Spirit Realty Capital

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Spirit Realty Capital, Inc operates as a holding company. Its in-house capabilities include acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting and capital markets. The company was founded on August 14, 2003, and is headquartered in Dallas, TX.