BlackRock Inc. Takes $490.41 Million Position in Four Corners Property Trust, Inc. $FCPT

BlackRock Inc. bought a new position in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 19,975,819 shares of the financial services provider's stock, valued at approximately $490,406,000. BlackRock Inc. owned about 18.20% of Four Corners Property Trust at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC raised its stake in shares of Four Corners Property Trust by 80.1% during the third quarter. Parallel Advisors LLC now owns 1,041 shares of the financial services provider's stock worth $25,000 after acquiring an additional 463 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of Four Corners Property Trust by 1.1% in the 2nd quarter. Lazard Asset Management LLC now owns 54,519 shares of the financial services provider's stock valued at $1,467,000 after purchasing an additional 568 shares in the last quarter. Strs Ohio boosted its stake in shares of Four Corners Property Trust by 3.3% in the 4th quarter. Strs Ohio now owns 18,700 shares of the financial services provider's stock valued at $431,000 after purchasing an additional 600 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in shares of Four Corners Property Trust by 1.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 34,095 shares of the financial services provider's stock valued at $837,000 after purchasing an additional 600 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Four Corners Property Trust by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 94,900 shares of the financial services provider's stock valued at $2,554,000 after purchasing an additional 647 shares during the last quarter. Institutional investors own 98.66% of the company's stock.

Four Corners Property Trust Stock Up 1.1%

Shares of NYSE FCPT opened at $25.52 on Tuesday. 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, Inc. has a 12 month low of $22.78 and a 12 month high of $26.86. The firm has a market capitalization of $2.80 billion, a PE ratio of 22.99 and a beta of 0.79. The firm has a fifty day simple moving average of $25.26 and a two-hundred day simple moving average of $25.06.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last announced its earnings results on Wednesday, July 29th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.16. The firm had revenue of $78.42 million for the quarter, compared to analyst estimates of $79.02 million. Four Corners Property Trust had a net margin of 38.70% and a return on equity of 7.35%. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 EPS. Equities analysts expect that Four Corners Property Trust, Inc. will post 1.76 earnings per share for the current year.

Four Corners Property Trust Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.1222 dividend. The ex-dividend date is Wednesday, September 30th. This represents a c) annualized dividend and a yield of 5.7%. Four Corners Property Trust's dividend payout ratio (DPR) is 132.43%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wells Fargo & Company boosted their price target on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Monday, June 1st. Barclays reduced their price objective on Four Corners Property Trust from $30.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 22nd. Huntington started coverage on Four Corners Property Trust in a report on Wednesday, July 15th. They issued an "outperform" rating and a $27.00 price objective on the stock. UBS Group reissued a "buy" rating and issued a $30.00 target price on shares of Four Corners Property Trust in a research note on Thursday, July 9th. Finally, Weiss Ratings cut Four Corners Property Trust from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Five investment 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $27.78.

About Four Corners Property Trust

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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