Bank of New York Mellon Corp Invests $25.20 Million in Four Corners Property Trust, Inc. $FCPT

Key Points

• Bank of New York Mellon purchased 1.03 million FCPT shares worth approximately $25.2 million, taking a 0.94% stake. Institutional investors collectively own 98.66% of the company.
• Analysts maintain a cautiously positive outlook, with a consensus “Moderate Buy” rating and an average price target of $27.80 versus the stock’s $25.29 opening price.
• FCPT reported quarterly EPS of $0.45, exceeding estimates of $0.29, while revenue rose 7.7% year over year to $78.42 million. The REIT also declared a monthly dividend of $0.1222 per share, equivalent to a 5.8% annualized yield.

Bank of New York Mellon Corp purchased a new position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,026,296 shares of the financial services provider's stock, valued at approximately $25,196,000. Bank of New York Mellon Corp owned 0.94% of Four Corners Property Trust as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in FCPT. Parallel Advisors LLC boosted its stake in Four Corners Property Trust by 80.1% during the 3rd quarter. Parallel Advisors LLC now owns 1,041 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 463 shares in the last quarter. Farther Finance Advisors LLC increased its position in Four Corners Property Trust by 829.2% in the 4th quarter. Farther Finance Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $26,000 after purchasing an additional 995 shares during the last quarter. Huntington National Bank increased its stake in shares of Four Corners Property Trust by 114.1% during the 4th quarter. Huntington National Bank now owns 1,569 shares of the financial services provider's stock worth $36,000 after purchasing an additional 836 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Four Corners Property Trust during the fourth quarter valued at about $36,000. Finally, Bessemer Group Inc. raised its stake in shares of Four Corners Property Trust by 326.1% in the 1st quarter. Bessemer Group Inc. now owns 1,649 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 1,262 shares in the last quarter. 98.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FCPT shares. Jefferies Financial Group set a $28.00 price target on shares of Four Corners Property Trust in a report on Tuesday, August 25th. Wells Fargo & Company lifted their price objective on Four Corners Property Trust from $25.00 to $26.00 and gave the company an "equal weight" rating in a report on Monday, June 1st. Huntington started coverage on Four Corners Property Trust in a research report on Wednesday, July 15th. They set an "outperform" rating and a $27.00 price target on the stock. Barclays lowered their price target on shares of Four Corners Property Trust from $30.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, July 22nd. Finally, Weiss Ratings downgraded Four Corners Property Trust from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.80.

Four Corners Property Trust Stock Performance

Shares of NYSE FCPT opened at $25.29 on Monday. The stock has a market capitalization of $2.78 billion, a PE ratio of 22.78 and a beta of 0.79. Four Corners Property Trust, Inc. has a 52 week low of $22.78 and a 52 week high of $26.86. The stock has a 50 day moving average price of $25.32 and a 200 day moving average price of $25.06. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.14 and a current ratio of 0.14.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.45 EPS for the quarter, beating 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 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 company posted $0.44 earnings per share. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. Analysts predict that Four Corners Property Trust, Inc. will post 1.76 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.1222 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Wednesday, September 30th. Four Corners Property Trust's payout ratio is currently 132.43%.

Four Corners Property Trust Company Profile

Four Corners Property Trust is a publicly traded real estate investment trust focused on acquiring and managing single-tenant commercial properties subject to long-term, triple-net leases. The company targets industrial, manufacturing, distribution, office and retail facilities leased to creditworthy tenants. By concentrating on net-lease structures, Four Corners seeks to generate stable, predictable income streams and mitigate operating cost variability.

The firm’s core activities include sourcing off-market and broker-sourced acquisition opportunities, conducting rigorous credit and property due diligence, and structuring lease agreements that shift property taxes, insurance and maintenance expenses to tenants.

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