Short Interest in Four Corners Property Trust, Inc. (NYSE:FCPT) Drops By 8.5%

Four Corners Property Trust, Inc. (NYSE:FCPT) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 3,110,000 shares, a decline of 8.5% from the August 31st total of 3,400,000 shares. Based on an average daily volume of 605,000 shares, the days-to-cover ratio is presently 5.1 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in Four Corners Property Trust during the 4th quarter worth $14,546,000. PNC Financial Services Group Inc. grew its stake in shares of Four Corners Property Trust by 31.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,626 shares of the financial services provider’s stock worth $269,000 after acquiring an additional 2,551 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Four Corners Property Trust by 50.0% during the fourth quarter. Wells Fargo & Company MN now owns 609,208 shares of the financial services provider’s stock worth $15,413,000 after acquiring an additional 203,047 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Four Corners Property Trust by 3.7% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 104,830 shares of the financial services provider’s stock valued at $2,652,000 after acquiring an additional 3,740 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Four Corners Property Trust by 17.8% in the 4th quarter. Hsbc Holdings PLC now owns 52,193 shares of the financial services provider’s stock valued at $1,320,000 after purchasing an additional 7,884 shares during the last quarter. Hedge funds and other institutional investors own 98.66% of the company’s stock.

Four Corners Property Trust Stock Performance

FCPT remained flat at $29.31 during trading on Tuesday. The company’s stock had a trading volume of 508,772 shares, compared to its average volume of 514,613. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a 50-day moving average price of $28.23 and a 200 day moving average price of $25.74. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 27.39 and a beta of 1.10. Four Corners Property Trust has a one year low of $20.51 and a one year high of $30.93.

Four Corners Property Trust (NYSE:FCPT) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.14). The business had revenue of $66.48 million for the quarter, compared to analysts’ expectations of $63.70 million. Four Corners Property Trust had a net margin of 37.01% and a return on equity of 7.72%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the business posted $0.42 EPS. As a group, equities analysts anticipate that Four Corners Property Trust will post 1.66 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.345 per share. This represents a $1.38 annualized dividend and a dividend yield of 4.71%. The ex-dividend date of this dividend is Monday, September 30th. Four Corners Property Trust’s payout ratio is 128.97%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wells Fargo & Company reiterated an “overweight” rating and set a $32.00 price objective (up previously from $28.00) on shares of Four Corners Property Trust in a research report on Tuesday. Evercore ISI lifted their price target on Four Corners Property Trust from $26.00 to $28.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. JMP Securities restated a “market perform” rating on shares of Four Corners Property Trust in a research report on Wednesday, August 28th. Finally, Raymond James raised their price objective on Four Corners Property Trust from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $28.75.

Four Corners Property Trust Company Profile

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.