Adage Capital Partners GP L.L.C. Makes New 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. bought a new position in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 500,000 shares of the financial services provider's stock, valued at approximately $14,350,000. Adage Capital Partners GP L.L.C. owned about 0.50% of Four Corners Property Trust as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of FCPT. Vanguard Group Inc. raised its holdings in shares of Four Corners Property Trust by 3.7% during the first quarter. Vanguard Group Inc. now owns 11,275,334 shares of the financial services provider's stock valued at $323,602,000 after buying an additional 400,396 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Four Corners Property Trust by 1.2% during the first quarter. Principal Financial Group Inc. now owns 1,843,627 shares of the financial services provider's stock valued at $52,912,000 after buying an additional 21,205 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Four Corners Property Trust by 3.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,661,915 shares of the financial services provider's stock valued at $47,697,000 after buying an additional 48,937 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Four Corners Property Trust by 20.4% during the first quarter. Boston Trust Walden Corp now owns 1,578,610 shares of the financial services provider's stock valued at $45,306,000 after buying an additional 267,537 shares during the last quarter. Finally, Zimmer Partners LP bought a new stake in shares of Four Corners Property Trust during the fourth quarter valued at approximately $38,512,000. Institutional investors own 98.66% of the company's stock.

Wall Street Analysts Forecast Growth

FCPT has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their price target on Four Corners Property Trust from $30.00 to $29.00 and set an "overweight" rating on the stock in a report on Wednesday, August 27th. Barclays cut their price target on Four Corners Property Trust from $30.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 20th. Raymond James Financial cut their price target on Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Finally, UBS Group lifted their price target on Four Corners Property Trust from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, August 15th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Four Corners Property Trust presently has an average rating of "Moderate Buy" and an average target price of $29.50.

Insider Activity

In other Four Corners Property Trust news, Director John S. Moody sold 7,667 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $27.42, for a total value of $210,229.14. Following the transaction, the director owned 53,821 shares of the company's stock, valued at approximately $1,475,771.82. This represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.20% of the company's stock.

Four Corners Property Trust Price Performance

Shares of NYSE:FCPT opened at $26.10 on Friday. Four Corners Property Trust, Inc. has a 12 month low of $25.00 and a 12 month high of $30.93. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 24.17 and a beta of 0.86. The stock's 50 day moving average price is $26.11 and its 200 day moving average price is $27.20. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.12 and a quick ratio of 0.12.

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

Four Corners Property Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.355 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.42 annualized dividend and a dividend yield of 5.4%. Four Corners Property Trust's dividend payout ratio is currently 131.48%.

Four Corners Property Trust Company 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.

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