JMP Securities reiterated their market perform rating on shares of Four Corners Property Trust (NYSE:FCPT – Free Report) in a report published on Tuesday morning,Benzinga reports.
FCPT has been the topic of a number of other reports. Raymond James lifted their price objective on shares of Four Corners Property Trust from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Wells Fargo & Company reissued an “overweight” rating and set a $32.00 price target (up from $28.00) on shares of Four Corners Property Trust in a research report on Tuesday, October 1st. Evercore ISI raised their price target on shares of Four Corners Property Trust from $26.00 to $28.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, UBS Group initiated coverage on shares of Four Corners Property Trust in a research report on Thursday, November 14th. They set a “buy” rating and a $33.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.50.
Check Out Our Latest Analysis on FCPT
Four Corners Property Trust Stock Performance
Four Corners Property Trust (NYSE:FCPT – Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.14). The company had revenue of $66.79 million during the quarter, compared to analyst estimates of $63.50 million. Four Corners Property Trust had a return on equity of 7.68% and a net margin of 37.27%. Four Corners Property Trust’s revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. Equities research analysts forecast that Four Corners Property Trust will post 1.66 EPS for the current year.
Four Corners Property Trust Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.355 dividend. This is an increase from Four Corners Property Trust’s previous quarterly dividend of $0.35. The ex-dividend date is Tuesday, December 31st. This represents a $1.42 annualized dividend and a dividend yield of 4.91%. Four Corners Property Trust’s dividend payout ratio (DPR) is presently 132.71%.
Hedge Funds Weigh In On Four Corners Property Trust
A number of large investors have recently modified their holdings of the company. Boston Trust Walden Corp lifted its position in Four Corners Property Trust by 18.7% during the second quarter. Boston Trust Walden Corp now owns 1,216,760 shares of the financial services provider’s stock valued at $30,017,000 after purchasing an additional 191,259 shares during the last quarter. Creative Planning increased its stake in shares of Four Corners Property Trust by 13.3% in the third quarter. Creative Planning now owns 28,159 shares of the financial services provider’s stock worth $825,000 after buying an additional 3,315 shares during the period. Thrivent Financial for Lutherans increased its position in Four Corners Property Trust by 6.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 349,221 shares of the financial services provider’s stock valued at $10,236,000 after purchasing an additional 20,028 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Four Corners Property Trust by 211.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 159,630 shares of the financial services provider’s stock valued at $4,679,000 after purchasing an additional 108,345 shares during the period. Finally, Citigroup Inc. increased its position in Four Corners Property Trust by 21.0% during the 3rd quarter. Citigroup Inc. now owns 201,872 shares of the financial services provider’s stock valued at $5,917,000 after purchasing an additional 35,059 shares during the period. 98.66% of the stock is currently owned by institutional investors.
About Four Corners Property Trust
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
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