Zimmer Partners LP Buys Shares of 1,419,025 Four Corners Property Trust, Inc. (NYSE:FCPT)

Zimmer Partners LP bought a new stake in Four Corners Property Trust, Inc. (NYSE:FCPT) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,419,025 shares of the financial services provider’s stock, valued at approximately $38,512,000. Zimmer Partners LP owned approximately 1.47% of Four Corners Property Trust as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. SG Americas Securities LLC boosted its holdings in shares of Four Corners Property Trust by 91.2% in the 4th quarter. SG Americas Securities LLC now owns 9,872 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 4,708 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Four Corners Property Trust by 1.3% in the 4th quarter. Bank of New York Mellon Corp now owns 891,425 shares of the financial services provider’s stock valued at $24,193,000 after acquiring an additional 11,131 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Four Corners Property Trust by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,612,978 shares of the financial services provider’s stock valued at $43,776,000 after acquiring an additional 94,903 shares during the last quarter. Barclays PLC lifted its stake in shares of Four Corners Property Trust by 10.6% in the 4th quarter. Barclays PLC now owns 172,564 shares of the financial services provider’s stock valued at $4,682,000 after acquiring an additional 16,543 shares during the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Four Corners Property Trust in the 4th quarter valued at $419,000. Institutional investors and hedge funds own 98.66% of the company’s stock.

Wall Street Analyst Weigh In

FCPT has been the subject of a number of research reports. UBS Group dropped their price target on Four Corners Property Trust from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company increased their price target on Four Corners Property Trust from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. Barclays dropped their price target on Four Corners Property Trust from $31.00 to $30.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Finally, JMP Securities reiterated a “market perform” rating on shares of Four Corners Property Trust in a research note on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.60.

Four Corners Property Trust Stock Up 0.0%

Shares of NYSE:FCPT opened at $27.58 on Tuesday. The firm has a market cap of $2.77 billion, a P/E ratio of 25.78 and a beta of 0.86. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.36. Four Corners Property Trust, Inc. has a 12-month low of $23.70 and a 12-month high of $30.93. The business has a fifty day simple moving average of $27.78 and a 200 day simple moving average of $27.97.

Four Corners Property Trust (NYSE:FCPT) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $71.48 million during the quarter, compared to analyst estimates of $67.17 million. Four Corners Property Trust had a return on equity of 7.54% and a net margin of 37.48%. Four Corners Property Trust’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the company earned $0.43 EPS. Analysts predict that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current year.

Four Corners Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.355 per share. This represents a $1.42 annualized dividend and a yield of 5.15%. The ex-dividend date was Monday, March 31st. Four Corners Property Trust’s dividend payout ratio is currently 132.71%.

Insider Buying and Selling

In related news, CAO Niccole Stewart sold 9,100 shares of the firm’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $27.28, for a total transaction of $248,248.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,204 shares of the company’s stock, valued at $851,245.12. This trade represents a 22.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is owned by corporate insiders.

Four Corners Property Trust Company Profile

Four Corners Property Trust, Inc engages in the owning, acquisition, and leasing of properties for use in the restaurant and food-service related industries. It operates through the Real Estate Operations and Restaurant Operations segments. The Real Estate Operations segment consists of rental revenues generated by leasing restaurant properties.