Summit Global Investments Takes Position in Four Corners Property Trust, Inc. $FCPT

Summit Global Investments acquired a new position in Four Corners Property Trust, Inc. (NYSE:FCPT) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 47,610 shares of the financial services provider’s stock, valued at approximately $1,126,000.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Four Corners Property Trust by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 12,057,364 shares of the financial services provider’s stock worth $278,043,000 after acquiring an additional 344,852 shares during the period. State Street Corp lifted its holdings in Four Corners Property Trust by 2.7% in the 4th quarter. State Street Corp now owns 6,001,247 shares of the financial services provider’s stock valued at $140,547,000 after acquiring an additional 155,966 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Four Corners Property Trust by 20,354.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,615,583 shares of the financial services provider’s stock valued at $106,435,000 after acquiring an additional 4,593,018 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Four Corners Property Trust by 8.9% in the 4th quarter. Victory Capital Management Inc. now owns 4,251,112 shares of the financial services provider’s stock valued at $98,031,000 after acquiring an additional 349,048 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Four Corners Property Trust by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 2,852,968 shares of the financial services provider’s stock valued at $65,800,000 after purchasing an additional 110,791 shares in the last quarter. Institutional investors and hedge funds own 98.66% of the company’s stock.

Insider Activity

In other news, CEO William H. Lenehan purchased 3,961 shares of Four Corners Property Trust stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $25.23 per share, for a total transaction of $99,936.03. Following the transaction, the chief executive officer owned 775,696 shares in the company, valued at $19,570,810.08. The trade was a 0.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.20% of the stock is owned by corporate insiders.

Four Corners Property Trust Trading Down 0.5%

Shares of FCPT opened at $26.36 on Wednesday. The business’s 50-day moving average price is $24.97 and its 200 day moving average price is $24.85. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.89 billion, a P/E ratio of 23.53 and a beta of 0.80. Four Corners Property Trust, Inc. has a 1-year low of $22.78 and a 1-year high of $26.96.

Four Corners Property Trust (NYSE:FCPT) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.14). Four Corners Property Trust had a net margin of 38.74% and a return on equity of 7.38%. The firm had revenue of $78.17 million for the quarter, compared to analysts’ expectations of $73.34 million. During the same period in the prior year, the company posted $0.44 earnings per share. Four Corners Property Trust’s quarterly revenue was up 9.4% compared to the same quarter last year. Analysts expect that Four Corners Property Trust, Inc. will post 1.76 earnings per share for the current year.

Four Corners Property Trust Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.1222 per share. The ex-dividend date is Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. Four Corners Property Trust’s payout ratio is currently 131.25%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FCPT. Huntington initiated coverage on shares of Four Corners Property Trust in a research note on Wednesday, July 15th. They issued an “outperform” rating and a $27.00 price objective on the stock. UBS Group reissued a “buy” rating and set a $30.00 target price on shares of Four Corners Property Trust in a research note on Thursday, July 9th. BMO Capital Markets started coverage on shares of Four Corners Property Trust in a report on Friday, April 17th. They set a “market perform” rating and a $27.00 target price for the company. Wells Fargo & Company lifted their price target on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Finally, Barclays upped their price target on Four Corners Property Trust from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Tuesday, April 21st. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.89.

Four Corners Property Trust 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.