Earnest Partners LLC Sells 58,554 Shares of Four Corners Property Trust, Inc. $FCPT

Key Points

• Earnest Partners LLC has reduced its stake in Four Corners Property Trust, Inc. by 1.9%, now holding approximately 3.04% of the company, valued at $87.7 million.
• Four Corners Property Trust recently reported quarterly earnings of $0.44 per share, exceeding analysts' estimates, with a revenue increase of 9.6% year-over-year.
• The company declared a quarterly dividend of $0.355, representing a 5.5% dividend yield, although its payout ratio stands at 131.48%.

Earnest Partners LLC lessened its stake in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 1.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,056,255 shares of the financial services provider's stock after selling 58,554 shares during the quarter. Earnest Partners LLC owned about 3.04% of Four Corners Property Trust worth $87,715,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWM LLC grew its stake in Four Corners Property Trust by 15.0% in the first quarter. CWM LLC now owns 2,975 shares of the financial services provider's stock valued at $85,000 after acquiring an additional 389 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Four Corners Property Trust by 5.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,755 shares of the financial services provider's stock valued at $238,000 after acquiring an additional 450 shares during the period. Palisades Investment Partners LLC grew its stake in Four Corners Property Trust by 1.5% in the first quarter. Palisades Investment Partners LLC now owns 31,762 shares of the financial services provider's stock valued at $912,000 after acquiring an additional 459 shares during the period. Mariner LLC grew its stake in Four Corners Property Trust by 2.8% in the fourth quarter. Mariner LLC now owns 17,098 shares of the financial services provider's stock valued at $464,000 after acquiring an additional 467 shares during the period. Finally, Nissay Asset Management Corp Japan ADV grew its stake in Four Corners Property Trust by 4.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 12,988 shares of the financial services provider's stock valued at $357,000 after acquiring an additional 504 shares during the period. Institutional investors own 98.66% of the company's stock.

Four Corners Property Trust Stock Up 0.9%

FCPT traded up $0.23 on Friday, hitting $25.87. 565,843 shares of the company were exchanged, compared to its average volume of 522,865. Four Corners Property Trust, Inc. has a 12 month low of $25.00 and a 12 month high of $30.93. The company has a market cap of $2.70 billion, a PE ratio of 23.95 and a beta of 0.83. 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 stock's fifty day moving average is $26.26 and its 200-day moving average is $27.26.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its 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. Four Corners Property Trust had a return on equity of 7.40% and a net margin of 37.87%.The business had revenue of $72.84 million for the quarter, compared to analyst estimates of $70.27 million. During the same quarter in the prior year, the company posted $0.43 earnings per share. Four Corners Property Trust's revenue was up 9.6% on a year-over-year basis. Equities research analysts predict that Four Corners Property Trust, Inc. will post 1.68 EPS for the current fiscal year.

Four Corners Property Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.355 per share. This represents a $1.42 annualized dividend and a yield of 5.5%. The ex-dividend date was Monday, June 30th. Four Corners Property Trust's dividend payout ratio is presently 131.48%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCPT. UBS Group upped their price objective on Four Corners Property Trust from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. 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 reduced their price objective on Four Corners Property Trust from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Raymond James Financial reduced their price objective on Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $29.50.

Insider Transactions at Four Corners Property Trust

In other Four Corners Property Trust news, Director John S. Moody sold 7,667 shares of the company's stock in a transaction that occurred 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 sale, the director owned 53,821 shares in the company, valued at $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 available at this link. Insiders own 1.20% of the company's stock.

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.