Wells Fargo & Company Has Lowered Expectations for Four Corners Property Trust (NYSE:FCPT) Stock Price

Key Points

• Wells Fargo cut Four Corners Property Trust’s price target from $26 to $22 while maintaining an “equal weight” rating, implying only 1.89% upside from the prior close.
• Analyst sentiment is mixed but leans neutral: five analysts rate FCPT a “Buy” and six a “Hold,” resulting in a consensus “Hold” rating and a $27.36 target price.
• FCPT shares fell 1.8% to $21.59, despite the company reporting quarterly EPS of $0.45—well above the $0.29 consensus estimate—and 7.7% year-over-year revenue growth.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) had its price objective decreased by equities researchers at Wells Fargo & Company from $26.00 to $22.00 in a report issued on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's target price suggests a potential upside of 1.89% from the stock's previous close.

A number of other research firms have also recently commented on FCPT. Huntington started coverage on Four Corners Property Trust in a research note on Wednesday, July 15th. They issued an "outperform" rating and a $27.00 price target for the company. Citigroup restated a "market outperform" rating on shares of Four Corners Property Trust in a research note on Tuesday, August 25th. UBS Group restated a "buy" rating and set a $30.00 price objective on shares of Four Corners Property Trust in a report on Thursday, July 9th. Jefferies Financial Group set a $28.00 price objective on shares of Four Corners Property Trust in a research report on Tuesday, August 25th. Finally, 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. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $27.36.

Four Corners Property Trust Stock Down 1.8%

Shares of FCPT traded down $0.40 during midday trading on Monday, hitting $21.59. 273,808 shares of the company's stock traded hands, compared to its average volume of 865,824. Four Corners Property Trust has a 1 year low of $20.85 and a 1 year high of $26.86. The firm's fifty day moving average is $23.48 and its 200-day moving average is $24.49. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 19.46 and a beta of 0.80.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $0.45 earnings per share 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 firm had revenue of $78.42 million during the quarter, compared to analysts' expectations of $79.02 million. During the same quarter last year, the firm earned $0.44 EPS. The business's quarterly revenue was up 7.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Four Corners Property Trust will post 1.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FCPT. BlackRock Inc. purchased a new position in shares of Four Corners Property Trust in the second quarter worth about $490,406,000. Lasalle Investment Management Securities LLC increased its holdings 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 worth $60,680,000 after buying an additional 1,139,493 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings 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 worth $55,469,000 after buying an additional 1,010,648 shares during the period. Callodine Capital Management LP raised its position in Four Corners Property Trust by 19.6% during the 1st quarter. Callodine Capital Management LP now owns 1,565,607 shares of the financial services provider's stock worth $37,027,000 after buying an additional 256,325 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Four Corners Property Trust by 1.2% during 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. 98.66% of the stock is owned by institutional investors and hedge funds.

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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