Adage Capital Partners GP L.L.C. Makes New $14.35 Million Investment in Four Corners Property Trust, Inc. $FCPT

Key Points

• Adage Capital Partners GP L.L.C. has recently acquired 500,000 shares of Four Corners Property Trust, Inc., valued at approximately $14.35 million, increasing its ownership stake to about 0.50%.
• Wall Street analysts have mixed views on FCPT, with price targets ranging from $29.00 to $31.00, and an average rating of "Moderate Buy."
• Four Corners Property Trust recently declared a quarterly dividend of $0.355 per share, reflecting a dividend yield of 5.4%.

Adage Capital Partners GP L.L.C. acquired a new position in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 500,000 shares of the financial services provider's stock, valued at approximately $14,350,000. Adage Capital Partners GP L.L.C. owned approximately 0.50% of Four Corners Property Trust as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FCPT. Zimmer Partners LP purchased a new position in Four Corners Property Trust during the fourth quarter worth approximately $38,512,000. Massachusetts Financial Services Co. MA acquired a new stake in Four Corners Property Trust during the 1st quarter worth approximately $33,515,000. Nuveen LLC purchased a new stake in Four Corners Property Trust during the first quarter worth approximately $18,291,000. Cbre Investment Management Listed Real Assets LLC increased its position in shares of Four Corners Property Trust by 63.1% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,342,834 shares of the financial services provider's stock worth $38,539,000 after acquiring an additional 519,633 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Four Corners Property Trust by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 11,275,334 shares of the financial services provider's stock valued at $323,602,000 after acquiring an additional 400,396 shares during the period. 98.66% of the stock is currently owned by hedge funds and other institutional investors.

Four Corners Property Trust Price Performance

Shares of NYSE:FCPT traded down $0.24 during midday trading on Thursday, reaching $25.46. 605,138 shares of the company's stock were exchanged, compared to its average volume of 470,077. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.12 and a current ratio of 0.12. The company's 50 day simple moving average is $26.00 and its two-hundred day simple moving average is $27.14. Four Corners Property Trust, Inc. has a 12 month low of $25.00 and a 12 month high of $30.93. The firm has a market capitalization of $2.66 billion, a PE ratio of 23.58 and a beta of 0.86.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The firm had revenue of $72.84 million during the quarter, compared to analyst estimates of $70.27 million. Four Corners Property Trust had a net margin of 37.87% and a return on equity of 7.40%. The company's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.43 earnings per share. Equities research analysts expect that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Raymond James Financial dropped their price objective on shares of Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. Barclays reduced their price objective on Four Corners Property Trust from $30.00 to $29.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 20th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $27.00 price objective (down from $29.00) on shares of Four Corners Property Trust in a report on Thursday. Finally, UBS Group boosted their price objective on Four Corners Property Trust from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Four Corners Property Trust presently has an average rating of "Hold" and an average price target of $29.00.

Four Corners Property Trust Profile

Four Corners Property Trust, Inc engages in the owning, acquisition, and leasing of properties for use in the restaurant and food-service related industries. It operates through the Real Estate Operations and Restaurant Operations segments. The Real Estate Operations segment consists of rental revenues generated by leasing restaurant properties.