Four Corners Property Trust (NYSE:FCPT) Given New $26.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Four Corners Property Trust’s price target from $29 to $26 while maintaining a “neutral” rating; the new target implies 21.61% upside from the prior close.
• Analyst sentiment remains mixed, with five Buy ratings and six Holds, producing a consensus “Hold” rating and an average price target of $27.73.
• FCPT shares traded at $21.38, near their one-year low, despite the company exceeding quarterly EPS expectations ($0.45 versus $0.29) and reporting 7.7% year-over-year revenue growth.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) had its price target decreased by analysts at JPMorgan Chase & Co. from $29.00 to $26.00 in a report released on Tuesday, Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 21.61% from the company's previous close.

A number of other brokerages also recently issued reports on FCPT. Jefferies Financial Group set a $28.00 price target on Four Corners Property Trust in a research report on Tuesday, August 25th. Weiss Ratings lowered shares of Four Corners Property Trust from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Citizens Jmp reissued a "market outperform" rating and issued a $28.00 price target on shares of Four Corners Property Trust in a research note on Tuesday, August 25th. Citigroup restated a "market outperform" rating on shares of Four Corners Property Trust in a research report on Tuesday, August 25th. Finally, Barclays lifted their price objective on shares of Four Corners Property Trust from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Friday, September 4th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Four Corners Property Trust presently has a consensus rating of "Hold" and an average price target of $27.73.

Four Corners Property Trust Price Performance

Shares of FCPT traded up $0.15 during mid-day trading on Tuesday, reaching $21.38. 81,640 shares of the stock traded hands, compared to its average volume of 854,062. The firm has a fifty day moving average price of $24.21 and a 200 day moving average price of $24.67. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 19.23 and a beta of 0.80. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.39. Four Corners Property Trust has a 1 year low of $21.17 and a 1 year high of $26.86.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.16. Four Corners Property Trust had a return on equity of 7.35% and a net margin of 38.70%.The company had revenue of $78.42 million for the quarter, compared to the consensus estimate of $79.02 million. During the same quarter last year, the business posted $0.44 earnings per share. The firm's revenue was up 7.7% compared to the same quarter last year. As a group, equities research analysts predict that Four Corners Property Trust will post 1.76 earnings per share for the current year.

Hedge Funds Weigh In On Four Corners Property Trust

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Four Corners Property Trust during the second quarter valued at about $490,406,000. Geode Capital Management LLC lifted its position in Four Corners Property Trust by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 2,852,968 shares of the financial services provider's stock valued at $65,800,000 after purchasing an additional 110,791 shares during the last quarter. Lasalle Investment Management Securities LLC boosted its stake in shares of Four Corners Property Trust by 79.9% during the first quarter. Lasalle Investment Management Securities LLC now owns 2,565,734 shares of the financial services provider's stock valued at $60,680,000 after purchasing an additional 1,139,493 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Four Corners Property Trust by 75.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,345,427 shares of the financial services provider's stock valued at $55,469,000 after purchasing an additional 1,010,648 shares during the period. Finally, Callodine Capital Management LP grew its holdings in shares of Four Corners Property Trust by 19.6% in the first quarter. Callodine Capital Management LP now owns 1,565,607 shares of the financial services provider's stock worth $37,027,000 after purchasing an additional 256,325 shares during the last quarter. Institutional investors own 98.66% of the company's stock.

About Four Corners Property Trust

Four Corners Property Trust, Inc is a real estate investment trust that owns and manages a portfolio of primarily restaurant and retail properties. The company generally leases its properties to tenants under long-term, net lease agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

Four Corners was formed through a 2015 spin-off from Darden Restaurants, Inc, separating Darden's real estate assets from its restaurant operating business.

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