Four Corners Property Trust, Inc. (NYSE:FCPT) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) by 0.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 98,881 shares of the financial services provider’s stock after selling 704 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Four Corners Property Trust were worth $2,898,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCPT. Covestor Ltd raised its holdings 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 worth $61,000 after purchasing an additional 470 shares during the last quarter. Blue Trust Inc. raised its holdings in Four Corners Property Trust by 1,469.1% during the second quarter. Blue Trust Inc. now owns 3,703 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 3,467 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Four Corners Property Trust by 34.8% during 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 during the last quarter. GAMMA Investing LLC raised its holdings in Four Corners Property Trust by 24.0% during the third quarter. GAMMA Investing LLC now owns 4,205 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 814 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Four Corners Property Trust by 491.0% during the first quarter. Lazard Asset Management LLC now owns 7,973 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 6,624 shares during the last quarter. 98.66% of the stock is owned by institutional investors and hedge funds.

Four Corners Property Trust Price Performance

Shares of NYSE:FCPT opened at $28.74 on Tuesday. The company has a market cap of $2.78 billion, a P/E ratio of 26.86 and a beta of 1.11. 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 52 week low of $22.38 and a 52 week high of $30.93. The business has a fifty day simple moving average of $28.93 and a 200-day simple moving average of $26.87.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.27 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 during the quarter, compared to analysts’ expectations of $63.50 million. During the same period in the prior year, the firm earned $0.42 EPS. Four Corners Property Trust’s revenue for the quarter was up 3.0% on a year-over-year basis. Equities research analysts forecast that Four Corners Property Trust, Inc. will post 1.66 EPS for the current year.

Four Corners Property Trust Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.355 per share. This represents a $1.42 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date is Tuesday, December 31st. This is an increase from Four Corners Property Trust’s previous quarterly dividend of $0.35. Four Corners Property Trust’s payout ratio is 132.71%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCPT. Raymond James boosted their price target 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. UBS Group began coverage on Four Corners Property Trust in a report on Thursday, November 14th. They issued a “buy” rating and a $33.00 price target for the company. Evercore ISI boosted their price target on Four Corners Property Trust from $26.00 to $28.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Wells Fargo & Company reissued an “overweight” rating and issued a $32.00 price target (up from $28.00) on shares of Four Corners Property Trust in a report on Tuesday, October 1st. Finally, JMP Securities reissued a “market perform” rating on shares of Four Corners Property Trust in a report on Wednesday, August 28th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.50.

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.