Four Corners Property Trust (NYSE:FCPT) Research Coverage Started at Huntington Sec

Huntington Sec started coverage on shares of Four Corners Property Trust (NYSE:FCPT) in a report published on Wednesday morning,Zacks reports. The brokerage issued a strong-buy rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on FCPT. JPMorgan Chase & Co. lowered their price target on shares of Four Corners Property Trust from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 6th. Barclays reduced their price objective on shares of Four Corners Property Trust from $30.00 to $25.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 20th. Citigroup restated a “market outperform” rating on shares of Four Corners Property Trust in a research note on Tuesday, August 25th. Jefferies Financial Group set a $28.00 price objective on Four Corners Property Trust in a report on Tuesday, August 25th. Finally, Weiss Ratings downgraded Four Corners Property Trust from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.70.

Four Corners Property Trust Price Performance

NYSE FCPT opened at $22.47 on Wednesday. The company has a quick ratio of 0.14, a current ratio of 0.12 and a debt-to-equity ratio of 0.58. Four Corners Property Trust has a 12-month low of $20.85 and a 12-month high of $26.86. The company has a market capitalization of $2.47 billion, a PE ratio of 20.61 and a beta of 0.80. The firm’s 50 day moving average is $22.88 and its 200-day moving average is $24.48.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.03). Four Corners Property Trust had a return on equity of 7.24% and a net margin of 37.53%. The business had revenue of $83.68 million during the quarter, compared to the consensus estimate of $82.44 million. During the same period in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts anticipate that Four Corners Property Trust will post 1.76 earnings per share for the current fiscal year.

Four Corners Property Trust Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a $0.1265 dividend. This represents a $1.52 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend is Thursday, December 31st. Four Corners Property Trust’s dividend payout ratio is presently 134.86%.

Hedge Funds Weigh In On Four Corners Property Trust

A number of institutional investors have recently added to or reduced their stakes in FCPT. BlackRock Inc. bought a new stake in Four Corners Property Trust during the second quarter worth $490,406,000. Lasalle Investment Management Securities LLC lifted its stake in Four Corners Property Trust by 79.9% in the first 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 acquiring an additional 1,139,493 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Four Corners Property Trust by 75.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,345,427 shares of the financial services provider’s stock valued at $55,469,000 after acquiring an additional 1,010,648 shares during the last quarter. Callodine Capital Management LP grew its position in shares of Four Corners Property Trust by 19.6% in 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 period. Finally, Dimensional Fund Advisors LP grew its position in shares of Four Corners Property Trust by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,484,092 shares of the financial services provider’s stock valued at $35,100,000 after acquiring an additional 16,891 shares during the period. 98.66% of the stock is currently owned by institutional investors and hedge funds.

About Four Corners Property Trust

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.