Sumitomo Mitsui Trust Group Inc. trimmed its position in Four Corners Property Trust, Inc. (NYSE:FCPT – Free Report) by 6.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,385,305 shares of the financial services provider’s stock after selling 156,098 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 2.17% of Four Corners Property Trust worth $51,904,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Four Corners Property Trust during the second quarter worth about $490,406,000. Lasalle Investment Management Securities LLC boosted its stake in shares of Four Corners Property Trust by 79.9% during the 1st quarter. Lasalle Investment Management Securities LLC now owns 2,565,734 shares of the financial services provider’s stock valued at $60,680,000 after buying an additional 1,139,493 shares during the last quarter. Callodine Capital Management LP boosted its stake in Four Corners Property Trust by 19.6% during the 1st quarter. Callodine Capital Management LP now owns 1,565,607 shares of the financial services provider’s stock valued at $37,027,000 after acquiring an additional 256,325 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Four Corners Property Trust by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,484,092 shares of the financial services provider’s stock worth $35,100,000 after purchasing an additional 16,891 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Four Corners Property Trust by 7.9% in the 1st quarter. Bank of America Corp DE now owns 1,317,179 shares of the financial services provider’s stock worth $31,151,000 after acquiring an additional 96,689 shares in the last quarter. Institutional investors and hedge funds own 98.66% of the company’s stock.
Wall Street Analysts Forecast Growth
FCPT has been the subject of several research reports. Huntington began coverage on shares of Four Corners Property Trust in a report on Wednesday, October 28th. They issued a “strong-buy” rating for the company. Citigroup reissued a “market outperform” rating on shares of Four Corners Property Trust in a report on Monday. Jefferies Financial Group set a $28.00 price objective on Four Corners Property Trust in a research note on Tuesday, August 25th. Royal Bank Of Canada set a $26.00 target price on Four Corners Property Trust in a report on Monday. Finally, Citizens Jmp reduced their price objective on Four Corners Property Trust from $28.00 to $26.00 and set a “market outperform” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Four Corners Property Trust has a consensus rating of “Moderate Buy” and a consensus target price of $26.45.
Get Our Latest Stock Analysis on FCPT
Insiders Place Their Bets
In related news, CEO William Lenehan purchased 10,000 shares of Four Corners Property Trust stock in a transaction on Monday, November 2nd. The stock was bought at an average price of $22.61 per share, with a total value of $226,100.00. Following the completion of the transaction, the chief executive officer directly owned 789,857 shares of the company’s stock, valued at approximately $17,858,666.77. This represents a 1.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is currently owned by company insiders.
Four Corners Property Trust Stock Performance
Shares of FCPT opened at $23.71 on Thursday. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 21.75 and a beta of 0.77. The company’s fifty day moving average is $22.76 and its 200-day moving average is $24.46. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.58. Four Corners Property Trust, Inc. has a 12 month low of $20.85 and a 12 month high of $26.86.
Four Corners Property Trust (NYSE:FCPT – Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.03). The business had revenue of $83.68 million during the quarter, compared to analyst estimates of $82.44 million. Four Corners Property Trust had a net margin of 37.53% and a return on equity of 7.24%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 EPS. Equities analysts expect that Four Corners Property Trust, Inc. will post 1.76 EPS for the current fiscal year.
Four Corners Property Trust Announces Dividend
The business also recently announced a monthly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a dividend of $0.1265 per share. This represents a $1.52 annualized dividend and a yield of 6.4%. The ex-dividend date is Thursday, December 31st. Four Corners Property Trust’s dividend payout ratio (DPR) is 138.53%.
Four Corners Property Trust Company Profile
Four Corners Property Trust, Inc is a real estate investment trust (REIT) that owns and manages a portfolio of primarily restaurant and retail properties in the United States. The company generally leases its properties to operators under long-term, net lease agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.
FCPT’s portfolio is concentrated in restaurant locations but also includes properties leased to tenants in other retail and service-oriented industries.
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