Four Corners Property Trust, Inc. $FCPT Shares Purchased by Meritage Portfolio Management

Meritage Portfolio Management lifted its stake in Four Corners Property Trust, Inc. (NYSE:FCPT) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,262 shares of the financial services provider’s stock after purchasing an additional 714 shares during the quarter. Meritage Portfolio Management’s holdings in Four Corners Property Trust were worth $465,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Four Corners Property Trust by 9.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,551 shares of the financial services provider’s stock valued at $274,000 after purchasing an additional 796 shares during the last quarter. KBC Group NV increased its holdings in shares of Four Corners Property Trust by 40.8% in the first quarter. KBC Group NV now owns 5,212 shares of the financial services provider’s stock valued at $150,000 after purchasing an additional 1,510 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Four Corners Property Trust by 23.6% in the first quarter. GAMMA Investing LLC now owns 6,457 shares of the financial services provider’s stock valued at $185,000 after purchasing an additional 1,231 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Four Corners Property Trust by 9.5% in the first quarter. Asset Management One Co. Ltd. now owns 275,185 shares of the financial services provider’s stock valued at $7,898,000 after purchasing an additional 23,884 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. acquired a new stake in shares of Four Corners Property Trust in the first quarter valued at approximately $437,000. Institutional investors and hedge funds own 98.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FCPT shares. UBS Group raised their target price on Four Corners Property Trust from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, August 15th. Barclays cut their target price on Four Corners Property Trust from $30.00 to $29.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 20th. Wall Street Zen cut Four Corners Property Trust from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reissued a “hold (c+)” rating on shares of Four Corners Property Trust in a research note on Saturday, September 27th. Finally, Raymond James Financial cut their target price on Four Corners Property Trust from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Thursday, July 31st. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $29.00.

Insiders Place Their Bets

In related news, CEO William H. Lenehan bought 7,850 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was purchased at an average cost of $25.40 per share, for a total transaction of $199,390.00. Following the completion of the acquisition, the chief executive officer owned 698,426 shares in the company, valued at approximately $17,740,020.40. This trade represents a 1.14% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Niccole Stewart sold 3,950 shares of Four Corners Property Trust stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $25.30, for a total value of $99,935.00. Following the completion of the transaction, the chief accounting officer owned 27,502 shares of the company’s stock, valued at approximately $695,800.60. This trade represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

Four Corners Property Trust Trading Down 0.3%

Shares of NYSE FCPT opened at $23.87 on Monday. Four Corners Property Trust, Inc. has a twelve month low of $23.64 and a twelve month high of $30.12. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.39. The stock has a fifty day simple moving average of $25.24 and a 200-day simple moving average of $26.56. The stock has a market capitalization of $2.49 billion, a PE ratio of 22.10 and a beta of 0.87.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. Four Corners Property Trust had a return on equity of 7.40% and a net margin of 37.87%.The business had revenue of $72.84 million during the quarter, compared to analysts’ expectations of $70.27 million. During the same period in the previous year, the firm posted $0.43 earnings per share. The company’s revenue was up 9.6% on a year-over-year basis. On average, equities analysts forecast that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current year.

Four Corners Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.355 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.42 dividend on an annualized basis and a yield of 5.9%. Four Corners Property Trust’s dividend payout ratio (DPR) is 131.48%.

Four Corners Property Trust Company Profile

Four Corners Property Trust, Inc engages in the owning, acquisition, and leasing of properties for use in the restaurant and food-service related industries. It operates through the Real Estate Operations and Restaurant Operations segments. The Real Estate Operations segment consists of rental revenues generated by leasing restaurant properties.