Earnest Partners LLC Lowers Holdings in Four Corners Property Trust, Inc. $FCPT

Earnest Partners LLC decreased its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,863,355 shares of the financial services provider’s stock after selling 121,000 shares during the period. Earnest Partners LLC owned 2.70% of Four Corners Property Trust worth $69,866,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FCPT. Vanguard Group Inc. raised its stake in Four Corners Property Trust by 2.1% during the 3rd quarter. Vanguard Group Inc. now owns 11,712,512 shares of the financial services provider’s stock valued at $285,785,000 after purchasing an additional 237,155 shares during the period. State Street Corp boosted its stake in Four Corners Property Trust by 2.0% in the 2nd quarter. State Street Corp now owns 5,811,410 shares of the financial services provider’s stock worth $158,408,000 after purchasing an additional 116,711 shares during the period. Victory Capital Management Inc. boosted its stake in Four Corners Property Trust by 7.2% in the 3rd quarter. Victory Capital Management Inc. now owns 3,902,064 shares of the financial services provider’s stock worth $95,210,000 after purchasing an additional 262,581 shares during the period. Geode Capital Management LLC grew its holdings in Four Corners Property Trust by 2.6% during the 2nd quarter. Geode Capital Management LLC now owns 2,671,928 shares of the financial services provider’s stock valued at $71,910,000 after buying an additional 68,415 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in Four Corners Property Trust by 23.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 2,159,994 shares of the financial services provider’s stock valued at $58,125,000 after buying an additional 417,134 shares in the last quarter. Hedge funds and other institutional investors own 98.66% of the company’s stock.

Insider Transactions at Four Corners Property Trust

In other Four Corners Property Trust news, CEO William H. Lenehan acquired 7,865 shares of the stock in a transaction on Friday, March 6th. The stock was acquired at an average price of $25.49 per share, for a total transaction of $200,478.85. Following the completion of the transaction, the chief executive officer directly owned 765,845 shares of the company’s stock, valued at $19,521,389.05. This trade represents a 1.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by insiders.

Four Corners Property Trust Stock Performance

NYSE FCPT opened at $25.63 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.13 and a quick ratio of 0.13. Four Corners Property Trust, Inc. has a 1-year low of $22.78 and a 1-year high of $28.98. The business has a 50 day simple moving average of $24.85 and a two-hundred day simple moving average of $24.43. The stock has a market capitalization of $2.81 billion, a PE ratio of 23.30 and a beta of 0.82.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. The business had revenue of $75.67 million for the quarter, compared to analysts’ expectations of $76.04 million. Four Corners Property Trust had a return on equity of 7.39% and a net margin of 38.20%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. On average, research analysts predict that Four Corners Property Trust, Inc. will post 1.68 EPS for the current fiscal year.

Four Corners Property Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $0.3665 dividend. This represents a $1.47 annualized dividend and a yield of 5.7%. The ex-dividend date is Tuesday, March 31st. Four Corners Property Trust’s payout ratio is currently 133.64%.

Analyst Upgrades and Downgrades

FCPT has been the topic of several research analyst reports. Citigroup reissued a “market perform” rating on shares of Four Corners Property Trust in a report on Monday, January 5th. Wells Fargo & Company cut their target price on shares of Four Corners Property Trust from $27.00 to $25.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Four Corners Property Trust in a report on Friday, January 9th. Finally, Evercore decreased their price target on shares of Four Corners Property Trust from $29.00 to $26.00 and set an “in-line” rating on the stock in a research note on Monday, December 15th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Four Corners Property Trust currently has a consensus rating of “Hold” and an average price target of $28.00.

Four Corners Property Trust Company Profile

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.