Van ECK Associates Corp Buys 1,730 Shares of Four Corners Property Trust, Inc. (NYSE:FCPT)

Van ECK Associates Corp raised its stake in Four Corners Property Trust, Inc. (NYSE:FCPT) by 12.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 15,767 shares of the financial services provider’s stock after acquiring an additional 1,730 shares during the period. Van ECK Associates Corp’s holdings in Four Corners Property Trust were worth $462,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Covestor Ltd boosted its position in Four Corners Property Trust by 23.2% during the first quarter. Covestor Ltd now owns 2,493 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 470 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Four Corners Property Trust by 24.0% during the 3rd quarter. GAMMA Investing LLC now owns 4,205 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 814 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Four Corners Property Trust by 3.5% during the 2nd quarter. Arizona State Retirement System now owns 25,753 shares of the financial services provider’s stock valued at $635,000 after purchasing an additional 863 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Four Corners Property Trust by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,570 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 921 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its stake in Four Corners Property Trust by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 79,262 shares of the financial services provider’s stock valued at $1,940,000 after buying an additional 1,028 shares during the period. Institutional investors own 98.66% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FCPT. JMP Securities reaffirmed a “market perform” rating on shares of Four Corners Property Trust in a research report on Wednesday, August 28th. Raymond James raised their price target on shares of Four Corners Property Trust from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Evercore ISI upped their price objective on shares of 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, Wells Fargo & Company restated an “overweight” rating and issued a $32.00 target price (up from $28.00) on shares of Four Corners Property Trust in a research note on Tuesday, October 1st.

Four Corners Property Trust Price Performance

Shares of FCPT opened at $27.92 on Wednesday. The stock has a market cap of $2.70 billion, a P/E ratio of 26.09 and a beta of 1.11. The business’s fifty day moving average is $28.99 and its 200 day moving average is $26.78. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.38. Four Corners Property Trust, Inc. has a 12-month low of $21.60 and a 12-month high of $30.93.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.14). Four Corners Property Trust had a net margin of 37.27% and a return on equity of 7.68%. The business had revenue of $66.79 million for the quarter, compared to analyst estimates of $63.50 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. Sell-side analysts anticipate that Four Corners Property Trust, Inc. will post 1.66 earnings per share for the current fiscal year.

Four Corners Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.345 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.38 dividend on an annualized basis and a dividend yield of 4.94%. Four Corners Property Trust’s dividend payout ratio is presently 128.97%.

About Four Corners Property Trust

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.