Envestnet Asset Management Inc. Buys 9,135 Shares of Four Corners Property Trust, Inc. (NYSE:FCPT)

Envestnet Asset Management Inc. increased its stake in shares of Four Corners Property Trust, Inc. (NYSE:FCPTGet Rating) by 10.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,514 shares of the financial services provider’s stock after acquiring an additional 9,135 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Four Corners Property Trust were worth $2,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of FCPT. Victory Capital Management Inc. grew its position in Four Corners Property Trust by 15.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,712,173 shares of the financial services provider’s stock worth $125,296,000 after acquiring an additional 637,518 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Four Corners Property Trust by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 9,456,757 shares of the financial services provider’s stock valued at $255,711,000 after purchasing an additional 312,407 shares during the period. BlackRock Inc. lifted its stake in shares of Four Corners Property Trust by 1.8% in the 1st quarter. BlackRock Inc. now owns 15,230,359 shares of the financial services provider’s stock valued at $411,828,000 after purchasing an additional 267,083 shares during the period. American Century Companies Inc. lifted its stake in shares of Four Corners Property Trust by 11.3% in the 1st quarter. American Century Companies Inc. now owns 2,319,933 shares of the financial services provider’s stock valued at $62,731,000 after purchasing an additional 236,241 shares during the period. Finally, State Street Corp lifted its stake in shares of Four Corners Property Trust by 5.4% in the 1st quarter. State Street Corp now owns 4,411,352 shares of the financial services provider’s stock valued at $120,723,000 after purchasing an additional 225,087 shares during the period. 94.65% of the stock is currently owned by institutional investors.

Four Corners Property Trust Stock Down 0.9 %

Four Corners Property Trust stock opened at $26.74 on Thursday. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 21.74 and a beta of 0.88. The stock has a fifty day simple moving average of $25.26 and a two-hundred day simple moving average of $26.60. Four Corners Property Trust, Inc. has a 12 month low of $22.67 and a 12 month high of $30.13. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 0.90.

Four Corners Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Friday, December 30th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $1.36 annualized dividend and a dividend yield of 5.09%. This is a positive change from Four Corners Property Trust’s previous quarterly dividend of $0.33. Four Corners Property Trust’s payout ratio is presently 108.13%.

Analyst Ratings Changes

FCPT has been the subject of a number of research analyst reports. Raymond James lowered their target price on Four Corners Property Trust from $30.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, October 4th. Janney Montgomery Scott cut Four Corners Property Trust to a “neutral” rating in a research note on Tuesday, August 9th. Evercore ISI lowered their price objective on Four Corners Property Trust from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, September 27th. Robert W. Baird lowered their price objective on Four Corners Property Trust from $30.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, October 7th. Finally, Berenberg Bank cut 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 investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $28.33.

Four Corners Property Trust Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Four Corners Property Trust (NYSE:FCPT)

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