Allspring Global Investments Holdings LLC Reduces Stake in Four Corners Property Trust, Inc. (NYSE:FCPT)

Allspring Global Investments Holdings LLC cut its holdings in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) by 15.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 40,204 shares of the financial services provider’s stock after selling 7,091 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Four Corners Property Trust were worth $992,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Four Corners Property Trust in the 4th quarter valued at about $14,546,000. Earnest Partners LLC raised its position in Four Corners Property Trust by 15.5% during the first quarter. Earnest Partners LLC now owns 2,429,030 shares of the financial services provider’s stock valued at $59,438,000 after acquiring an additional 326,281 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in Four Corners Property Trust by 26.7% in the first quarter. William Blair Investment Management LLC now owns 1,410,376 shares of the financial services provider’s stock valued at $34,512,000 after acquiring an additional 297,300 shares during the period. Vanguard Group Inc. boosted its position in Four Corners Property Trust by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 10,518,844 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 294,240 shares in the last quarter. Finally, Capital International Investors grew its stake in shares of Four Corners Property Trust by 14.2% during the 4th quarter. Capital International Investors now owns 1,807,880 shares of the financial services provider’s stock worth $45,739,000 after purchasing an additional 225,327 shares during the period. 98.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wells Fargo & Company upgraded shares of Four Corners Property Trust to a “strong-buy” rating in a research note on Monday, August 12th. Evercore ISI increased their target price on shares of Four Corners Property Trust from $26.00 to $28.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Raymond James raised their target price on Four Corners Property Trust from $27.00 to $29.00 and gave the company an “outperform” rating in a research report on Wednesday, August 21st. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Four Corners Property Trust in a report on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.00.

Four Corners Property Trust Price Performance

NYSE:FCPT opened at $28.93 on Thursday. The stock has a 50 day moving average of $26.70 and a two-hundred day moving average of $25.00. Four Corners Property Trust, Inc. has a 12 month low of $20.51 and a 12 month high of $28.95. The firm has a market cap of $2.66 billion, a P/E ratio of 27.04 and a beta of 1.10. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.43.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.27 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.14). The firm had revenue of $66.48 million for the quarter, compared to analysts’ expectations of $63.70 million. Four Corners Property Trust had a return on equity of 7.72% and a net margin of 37.01%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. On average, analysts expect that Four Corners Property Trust, Inc. will post 1.65 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.345 dividend. This represents a $1.38 annualized dividend and a dividend yield of 4.77%. The ex-dividend date was Friday, June 28th. Four Corners Property Trust’s dividend payout ratio is currently 128.97%.

Insider Buying and Selling

In other Four Corners Property Trust news, Director John S. Moody sold 7,230 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $24.56, for a total value of $177,568.80. Following the transaction, the director now directly owns 61,108 shares of the company’s stock, valued at approximately $1,500,812.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William H. Lenehan purchased 6,230 shares of the stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $24.05 per share, with a total value of $149,831.50. Following the transaction, the chief executive officer now owns 620,394 shares in the company, valued at approximately $14,920,475.70. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John S. Moody sold 7,230 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $24.56, for a total transaction of $177,568.80. Following the sale, the director now owns 61,108 shares of the company’s stock, valued at $1,500,812.48. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.

Four Corners Property Trust Profile

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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.