The Manufacturers Life Insurance Company Makes New $1.33 Million Investment in Four Corners Property Trust, Inc. $FCPT

The Manufacturers Life Insurance Company bought a new position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 54,175 shares of the financial services provider’s stock, valued at approximately $1,330,000.

Several other hedge funds have also added to or reduced their stakes in FCPT. Parallel Advisors LLC boosted its stake in Four Corners Property Trust by 80.1% in the 3rd quarter. Parallel Advisors LLC now owns 1,041 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 463 shares during the period. Farther Finance Advisors LLC grew its holdings in Four Corners Property Trust by 829.2% in the 4th quarter. Farther Finance Advisors LLC now owns 1,115 shares of the financial services provider’s stock valued at $26,000 after buying an additional 995 shares in the last quarter. Huntington National Bank increased its position in Four Corners Property Trust by 114.1% during the 4th quarter. Huntington National Bank now owns 1,569 shares of the financial services provider’s stock worth $36,000 after buying an additional 836 shares during the period. Kestra Advisory Services LLC bought a new position in Four Corners Property Trust during the 4th quarter worth $36,000. Finally, Bessemer Group Inc. increased its position 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 worth $39,000 after buying an additional 1,262 shares during the period. 98.66% of the stock is owned by institutional investors and hedge funds.

Four Corners Property Trust Price Performance

Shares of NYSE FCPT opened at $24.96 on Friday. The business has a fifty day moving average price of $25.31 and a two-hundred day moving average price of $25.06. The stock has a market capitalization of $2.74 billion, a PE ratio of 22.49 and a beta of 0.79. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.14 and a quick ratio of 0.14. Four Corners Property Trust, Inc. has a fifty-two week low of $22.78 and a fifty-two week high of $26.86.

Four Corners Property Trust (NYSE:FCPT) last released its 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. Four Corners Property Trust had a return on equity of 7.35% and a net margin of 38.70%.The company had revenue of $78.42 million for the quarter, compared to analyst estimates of $79.02 million. During the same period in the prior year, the firm posted $0.44 EPS. Four Corners Property Trust’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, equities analysts predict that Four Corners Property Trust, Inc. will post 1.76 earnings per share for the current fiscal year.

Four Corners Property Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.1222 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a c) annualized dividend and a yield of 5.9%. Four Corners Property Trust’s dividend payout ratio is currently 131.53%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday, June 1st. Barclays raised their price target on shares of Four Corners Property Trust from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Friday. Weiss Ratings cut shares of Four Corners Property Trust from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Huntington assumed coverage on shares of Four Corners Property Trust in a research report on Wednesday, July 15th. They set an “outperform” rating and a $27.00 target price on the stock. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Four Corners Property Trust in a report on Tuesday, August 25th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Four Corners Property Trust currently has a consensus rating of “Moderate Buy” and an average price target of $27.90.

About Four Corners Property Trust

Four Corners Property Trust is a publicly traded real estate investment trust focused on acquiring and managing single-tenant commercial properties subject to long-term, triple-net leases. The company targets industrial, manufacturing, distribution, office and retail facilities leased to creditworthy tenants. By concentrating on net-lease structures, Four Corners seeks to generate stable, predictable income streams and mitigate operating cost variability.

The firm’s core activities include sourcing off-market and broker-sourced acquisition opportunities, conducting rigorous credit and property due diligence, and structuring lease agreements that shift property taxes, insurance and maintenance expenses to tenants.