Bank of America Corp DE Invests $29 Million in Four Corners Property Trust, Inc. $FCPT

Key Points

• Bank of America acquired 1.18 million FCPT shares worth approximately $29 million, giving it a 1.08% stake. Institutional investors collectively own 98.66% of the company.
• Analysts maintain a generally positive outlook, with FCPT receiving a “Moderate Buy” consensus rating and an average price target of $27.90.
• FCPT exceeded quarterly EPS expectations, reporting $0.45 versus the $0.29 consensus estimate, while revenue increased 7.7% year over year. The company also declared a monthly dividend of $0.1265 per share, representing a stated 6.8% yield.

Bank of America Corp DE purchased a new stake in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,181,265 shares of the financial services provider's stock, valued at approximately $29,000,000. Bank of America Corp DE owned about 1.08% of Four Corners Property Trust at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FCPT. Handelsbanken Fonder AB boosted its holdings in Four Corners Property Trust by 1.8% in the second quarter. Handelsbanken Fonder AB now owns 34,095 shares of the financial services provider's stock worth $837,000 after purchasing an additional 600 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Four Corners Property Trust by 44.1% during the first quarter. EverSource Wealth Advisors LLC now owns 2,181 shares of the financial services provider's stock worth $52,000 after buying an additional 667 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. raised its holdings in Four Corners Property Trust by 3.8% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 20,229 shares of the financial services provider's stock valued at $478,000 after buying an additional 746 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Four Corners Property Trust by 3.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 25,076 shares of the financial services provider's stock valued at $593,000 after buying an additional 800 shares in the last quarter. Finally, Huntington National Bank lifted its position in shares of Four Corners Property Trust by 114.1% in the fourth quarter. Huntington National Bank now owns 1,569 shares of the financial services provider's stock worth $36,000 after buying an additional 836 shares during the last quarter. Institutional investors own 98.66% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Citigroup reiterated a "market outperform" rating on shares of Four Corners Property Trust in a report on Tuesday, August 25th. Huntington assumed coverage on shares of Four Corners Property Trust in a research note on Wednesday, July 15th. They issued an "outperform" rating and a $27.00 price objective for the company. Weiss Ratings downgraded shares of Four Corners Property Trust from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Wells Fargo & Company raised their target price on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Monday, June 1st. Finally, Citizens Jmp reiterated a "market outperform" rating and issued a $28.00 target price on shares of Four Corners Property Trust in a report on Tuesday, August 25th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $27.90.

Four Corners Property Trust Stock Performance

Shares of NYSE FCPT opened at $22.43 on Wednesday. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 20.21 and a beta of 0.79. Four Corners Property Trust, Inc. has a one year low of $22.40 and a one year high of $26.86. The business has a fifty day simple moving average of $24.97 and a 200 day simple moving average of $24.91. 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 (NYSE:FCPT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.16. Four Corners Property Trust had a net margin of 38.70% and a return on equity of 7.35%. The company had revenue of $78.42 million during the quarter, compared to the consensus estimate of $79.02 million. During the same period last year, the firm earned $0.44 EPS. The firm's revenue for the quarter was up 7.7% compared to the same quarter last year. Sell-side analysts expect that Four Corners Property Trust, Inc. will post 1.76 EPS for the current year.

Four Corners Property Trust Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be paid a dividend of $0.1265 per share. This represents a c) annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend is Thursday, December 31st. Four Corners Property Trust's dividend payout ratio is 132.43%.

About Four Corners Property Trust

Four Corners Property Trust, Inc NYSE: FCPT is a self-administered and self-managed real estate investment trust that owns and leases properties primarily used by restaurant and other service-oriented businesses. The company generally leases its properties under long-term, net lease arrangements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

FCPT's portfolio is concentrated in restaurant properties and also includes select medical, automotive and other retail or service-related real estate.

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