Four Corners Property Trust’s (FCPT) “Overweight” Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company reissued their overweight rating on shares of Four Corners Property Trust (NYSE:FCPT) in a research note released on Tuesday, Benzinga reports. Wells Fargo & Company currently has a $32.00 price objective on the financial services provider’s stock, up from their previous price objective of $28.00.

Several other equities analysts have also weighed in on FCPT. Raymond James increased their target price 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. JMP Securities reissued a market perform rating on shares of Four Corners Property Trust in a research note on Wednesday, August 28th. Finally, Evercore ISI raised 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. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $28.75.

Four Corners Property Trust Price Performance

Four Corners Property Trust stock opened at $28.61 on Tuesday. The business’s 50-day simple moving average is $28.38 and its 200 day simple moving average is $25.84. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 26.74 and a beta of 1.10. Four Corners Property Trust has a 12-month low of $20.51 and a 12-month high of $30.93. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.43.

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

Four Corners Property Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.345 per share. This represents a $1.38 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Monday, September 30th. Four Corners Property Trust’s dividend payout ratio is currently 128.97%.

Institutional Investors Weigh In On Four Corners Property Trust

Institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new position in Four Corners Property Trust in the second quarter valued at $452,000. Algert Global LLC bought a new position in Four Corners Property Trust in the second quarter valued at $229,000. The Manufacturers Life Insurance Company grew its position in Four Corners Property Trust by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 50,170 shares of the financial services provider’s stock valued at $1,238,000 after purchasing an additional 2,063 shares in the last quarter. Earnest Partners LLC grew its position in Four Corners Property Trust by 31.3% in the second quarter. Earnest Partners LLC now owns 3,188,779 shares of the financial services provider’s stock valued at $78,667,000 after purchasing an additional 759,749 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Four Corners Property Trust by 14.4% in the second quarter. AQR Capital Management LLC now owns 22,485 shares of the financial services provider’s stock valued at $555,000 after purchasing an additional 2,825 shares in the last quarter. Institutional investors own 98.66% of the company’s stock.

About Four Corners Property Trust

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.