JPMorgan Chase & Co. Cuts Four Corners Property Trust (NYSE:FCPT) Price Target to $26.00

Four Corners Property Trust (NYSE:FCPT) had its target price reduced by JPMorgan Chase & Co. from $29.00 to $26.00 in a research note published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

A number of other research firms also recently commented on FCPT. UBS Group reaffirmed a “buy” rating and set a $30.00 price objective on shares of Four Corners Property Trust in a research note on Thursday, July 9th. Citigroup restated a “market outperform” rating on shares of Four Corners Property Trust in a report on Tuesday, August 25th. Barclays lifted their target price on Four Corners Property Trust from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, September 4th. Citizens Jmp restated a “market outperform” rating and set a $28.00 price target on shares of Four Corners Property Trust in a research note on Tuesday, August 25th. Finally, Weiss Ratings lowered Four Corners Property Trust from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $27.73.

Four Corners Property Trust Price Performance

NYSE:FCPT opened at $21.25 on Tuesday. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 19.15 and a beta of 0.80. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.39. The company’s 50-day moving average is $23.92 and its two-hundred day moving average is $24.59. Four Corners Property Trust has a 12-month low of $20.85 and a 12-month high of $26.86.

Four Corners Property Trust (NYSE:FCPT) last released its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.16. The company had revenue of $78.42 million for the quarter, compared to analysts’ expectations of $79.02 million. Four Corners Property Trust had a net margin of 38.70% and a return on equity of 7.35%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. Research analysts expect that Four Corners Property Trust will post 1.76 EPS for the current year.

Four Corners Property Trust Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a dividend of $0.1265 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date of this dividend is Thursday, December 31st. Four Corners Property Trust’s payout ratio is presently 136.04%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FCPT. IFP Advisors Inc increased its stake in shares of Four Corners Property Trust by 105.8% in the second quarter. IFP Advisors Inc now owns 1,134 shares of the financial services provider’s stock worth $28,000 after buying an additional 583 shares during the last quarter. Bessemer Group Inc. boosted its stake in Four Corners Property Trust by 326.1% during the 1st quarter. Bessemer Group Inc. now owns 1,649 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 1,262 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Four Corners Property Trust during the 2nd quarter valued at $45,000. Nykredit A S acquired a new position in Four Corners Property Trust during the 2nd quarter worth $49,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Four Corners Property Trust by 44.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,181 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 667 shares in the last quarter. Hedge funds and other institutional investors own 98.66% of the company’s stock.

Four Corners Property Trust Company Profile

Four Corners Property Trust, Inc is a real estate investment trust that owns and manages a portfolio of primarily restaurant and retail properties. The company generally leases its properties to tenants under long-term, net lease agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

Four Corners was formed through a 2015 spin-off from Darden Restaurants, Inc, separating Darden’s real estate assets from its restaurant operating business.