State of Alaska Department of Revenue increased its holdings in shares of Four Corners Property Trust, Inc. (NYSE:FCPT – Get Rating) by 6.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 99,848 shares of the financial services provider’s stock after acquiring an additional 6,355 shares during the quarter. State of Alaska Department of Revenue’s holdings in Four Corners Property Trust were worth $2,653,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in FCPT. Prospera Financial Services Inc acquired a new stake in Four Corners Property Trust during the 1st quarter worth approximately $37,000. WASHINGTON TRUST Co bought a new position in Four Corners Property Trust during the 1st quarter worth approximately $41,000. Quantbot Technologies LP raised its holdings in Four Corners Property Trust by 72.4% during the 1st quarter. Quantbot Technologies LP now owns 2,559 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,075 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Four Corners Property Trust during the 4th quarter worth approximately $113,000. Finally, Schroder Investment Management Group raised its holdings in Four Corners Property Trust by 30.7% during the 4th quarter. Schroder Investment Management Group now owns 5,992 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 1,409 shares during the last quarter. 94.65% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms have issued reports on FCPT. Raymond James lowered their price target on shares of Four Corners Property Trust from $33.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, September 6th. Evercore ISI raised their price target on shares of Four Corners Property Trust from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, September 12th. Janney Montgomery Scott lowered shares of Four Corners Property Trust to a “neutral” rating in a report on Tuesday, August 9th. Credit Suisse Group assumed coverage on shares of Four Corners Property Trust in a research note on Wednesday, June 22nd. They issued a “neutral” rating and a $26.00 price objective for the company. Finally, Berenberg Bank lowered shares of Four Corners Property Trust from a “buy” rating to a “hold” rating and lowered their price objective for the company from $31.00 to $30.00 in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $29.40.
Four Corners Property Trust Stock Performance
Four Corners Property Trust (NYSE:FCPT – Get Rating) last posted its earnings results on Tuesday, July 26th. The financial services provider reported $0.28 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.12). Four Corners Property Trust had a return on equity of 10.01% and a net margin of 44.68%. During the same quarter in the prior year, the company earned $0.38 EPS. As a group, sell-side analysts anticipate that Four Corners Property Trust, Inc. will post 1.58 EPS for the current year.
Four Corners Property Trust Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.333 dividend. This is a boost from Four Corners Property Trust’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.33 annualized dividend and a yield of 5.15%. Four Corners Property Trust’s dividend payout ratio (DPR) is presently 109.92%.
Four Corners Property Trust Company Profile
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant 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.
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