Spirit Realty Capital Receives a Buy from B.Riley FBR

By Ryan Adsit

B.Riley FBR analyst David Corak reiterated a Buy rating on Spirit Realty Capital (NYSE: SRC) today. The company’s shares opened today at $7.60.

Corak said:

“Financial results this quarter for SRC were not particularly exciting given the Path Forward Update III in late January which highlighted its 4Q activity, including reiterating its 2017 AFFO guidance. The real update was near-term departure of the chief financial officer and chief acquisitions officer, both of whom were a part of the previous CEO’s senior team. The company notes that there are no issues involving the financial statements, internal controls, or financial reporting procedures involved in the departure of the CFO. The departure of the CFO this close to the spin does not give us concern at this time, given the bench strength and the proximity to close. However, the company has three seats to fill in short order.”

According to TipRanks.com, Corak is ranked 0 out of 5 stars with an average return of -4.9% and a 28.3% success rate. Corak covers the Financial sector, focusing on stocks such as National Storage Affiliates Trust, Preferred Apartment Communities, and NorthStar Realty Europe Corp.

Spirit Realty Capital has an analyst consensus of Strong Buy, with a price target consensus of $9.25.

The company has a one-year high of $11.11 and a one-year low of $6.64. Currently, Spirit Realty Capital has an average volume of 5.71M.

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