Four Corners Property Trust, Inc. (NYSE:FCPT) Sees Large Decline in Short Interest

Four Corners Property Trust, Inc. (NYSE:FCPT) was the target of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 3,110,000 shares, a decrease of 8.5% from the August 31st total of 3,400,000 shares. Based on an average daily volume of 605,000 shares, the days-to-cover ratio is presently 5.1 days.

Four Corners Property Trust Stock Performance

NYSE:FCPT remained flat at $29.31 during trading hours on Tuesday. The company’s stock had a trading volume of 508,772 shares, compared to its average volume of 514,613. The company has a market capitalization of $2.70 billion, a PE ratio of 27.39 and a beta of 1.10. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.13 and a quick ratio of 0.13. The company’s 50 day moving average price is $28.23 and its 200 day moving average price is $25.74. Four Corners Property Trust has a 1-year low of $20.51 and a 1-year high of $30.93.

Four Corners Property Trust (NYSE:FCPT) last issued its earnings results on Wednesday, July 31st. The financial services provider reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.14). The firm had revenue of $66.48 million during 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%. Four Corners Property Trust’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. Equities research analysts predict that Four Corners Property Trust will post 1.66 EPS for the current year.

Four Corners Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.345 per share. This represents a $1.38 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date of this dividend is Monday, September 30th. Four Corners Property Trust’s dividend payout ratio is presently 128.97%.

Institutional Investors Weigh In On Four Corners Property Trust

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Four Corners Property Trust by 1.1% during the first quarter. Vanguard Group Inc. now owns 10,635,297 shares of the financial services provider’s stock worth $260,246,000 after purchasing an additional 116,453 shares in the last quarter. Earnest Partners LLC grew its holdings in shares of Four Corners Property Trust by 31.3% during the 2nd quarter. Earnest Partners LLC now owns 3,188,779 shares of the financial services provider’s stock worth $78,667,000 after purchasing an additional 759,749 shares during the period. Westwood Holdings Group Inc. boosted its holdings in Four Corners Property Trust by 3.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,619,070 shares of the financial services provider’s stock worth $64,089,000 after acquiring an additional 93,552 shares during the period. Capital International Investors boosted its holdings in Four Corners Property Trust by 14.2% in the 4th quarter. Capital International Investors now owns 1,807,880 shares of the financial services provider’s stock worth $45,739,000 after acquiring an additional 225,327 shares during the period. Finally, William Blair Investment Management LLC raised its position in shares of Four Corners Property Trust by 26.7% in the 1st 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 purchasing an additional 297,300 shares in the last quarter. 98.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCPT has been the subject of several recent analyst reports. Wells Fargo & Company reaffirmed an “overweight” rating and set a $32.00 price objective (up previously from $28.00) on shares of Four Corners Property Trust in a research report on Tuesday. JMP Securities reissued a “market perform” rating on shares of Four Corners Property Trust in a report on Wednesday, August 28th. Evercore ISI lifted their target price on Four Corners Property Trust from $26.00 to $28.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Finally, Raymond James boosted their price objective on Four Corners Property Trust from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $28.75.

Four Corners Property Trust Company 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.