Four Corners Property Trust (NYSE:FCPT) Now Covered by Huntington Sec

Key Points

• Huntington Sec initiated coverage of Four Corners Property Trust with a “strong-buy” rating. The stock’s consensus rating is “Moderate Buy,” with an average analyst price target of $26.70.
• FCPT shares opened at $22.47, compared with a 52-week range of $20.85 to $26.86. The company’s latest quarterly earnings were $0.26 per share, below the $0.29 consensus estimate, while revenue rose 12.9% year over year to $83.68 million.
• Institutional ownership remains high at 98.66%. BlackRock acquired a new stake worth approximately $490.4 million, while several other major investors increased their holdings.

Huntington Sec assumed coverage on shares of Four Corners Property Trust (NYSE:FCPT - Get Free Report) in a research report issued on Wednesday, Zacks reports. The brokerage set a "strong-buy" rating on the financial services provider's stock.

Other research analysts have also issued reports about the company. Huntington began coverage on Four Corners Property Trust in a research report on Wednesday, July 15th. They issued an "outperform" rating and a $27.00 price target for the company. Citigroup reaffirmed a "market outperform" rating on shares of Four Corners Property Trust in a research report on Tuesday, August 25th. Jefferies Financial Group set a $28.00 price objective on Four Corners Property Trust in a research report on Tuesday, August 25th. Citizens Jmp reiterated a "market outperform" rating and issued a $28.00 target price on shares of Four Corners Property Trust in a research note on Tuesday, August 25th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Four Corners Property Trust from $29.00 to $26.00 and set a "neutral" rating for the company in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $26.70.

Four Corners Property Trust Stock Performance

Shares of FCPT stock opened at $22.47 on Wednesday. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 12.34 and a beta of 0.80. Four Corners Property Trust has a 52-week low of $20.85 and a 52-week high of $26.86. The company has a quick ratio of 0.14, a current ratio of 0.12 and a debt-to-equity ratio of 0.58. The company's 50 day moving average is $22.88 and its 200 day moving average is $24.48.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last posted its earnings results on Wednesday, October 28th. The financial services provider reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.03). The company had revenue of $83.68 million for the quarter, compared to analysts' expectations of $82.44 million. Four Corners Property Trust had a return on equity of 7.24% and a net margin of 37.53%. The firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. On average, sell-side analysts anticipate that Four Corners Property Trust will post 1.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Four Corners Property Trust during the second quarter worth about $490,406,000. Lasalle Investment Management Securities LLC lifted its stake in Four Corners Property Trust by 79.9% in the 1st 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 buying an additional 1,139,493 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Four Corners Property Trust by 75.7% in the 1st 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 buying an additional 1,010,648 shares in the last quarter. Callodine Capital Management LP lifted its stake in Four Corners Property Trust by 19.6% in the 1st quarter. Callodine Capital Management LP now owns 1,565,607 shares of the financial services provider's stock valued at $37,027,000 after buying an additional 256,325 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Four Corners Property Trust by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,484,092 shares of the financial services provider's stock worth $35,100,000 after buying an additional 16,891 shares during the last quarter. Hedge funds and other institutional investors own 98.66% of the company's stock.

Four Corners Property Trust Company Profile

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

FCPT's portfolio is concentrated in restaurant locations but also includes properties leased to tenants in other retail and service-oriented industries.

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