Four Corners Property Trust, Inc. $FCPT Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its FCPT position by 7.9% in the first quarter, holding 1.32 million shares worth approximately $31.2 million. Institutional investors collectively own 98.66% of the company.
• FCPT shares opened at $25.23, near their 50-day average, with a 12-month range of $22.78 to $26.86. The company declared a monthly dividend of $0.1222, representing an annualized yield of approximately 5.8%.
• Analyst sentiment is generally positive, with five Buy and five Hold ratings producing a “Moderate Buy” consensus and an average price target of $27.78.

Bank of America Corp DE lifted its position in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 7.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,317,179 shares of the financial services provider's stock after buying an additional 96,689 shares during the quarter. Bank of America Corp DE owned approximately 1.20% of Four Corners Property Trust worth $31,151,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FCPT. Vanguard Group Inc. increased its stake in Four Corners Property Trust by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 12,057,364 shares of the financial services provider's stock worth $278,043,000 after buying an additional 344,852 shares during the period. State Street Corp boosted its position in Four Corners Property Trust by 2.7% in the 4th quarter. State Street Corp now owns 6,001,247 shares of the financial services provider's stock valued at $140,547,000 after buying an additional 155,966 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Four Corners Property Trust by 20,354.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,615,583 shares of the financial services provider's stock valued at $106,435,000 after buying an additional 4,593,018 shares during the period. Victory Capital Management Inc. grew its stake in shares of Four Corners Property Trust by 8.9% in the fourth quarter. Victory Capital Management Inc. now owns 4,251,112 shares of the financial services provider's stock worth $98,031,000 after acquiring an additional 349,048 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Four Corners Property Trust by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 2,852,968 shares of the financial services provider's stock worth $65,800,000 after acquiring an additional 110,791 shares in the last quarter. Institutional investors and hedge funds own 98.66% of the company's stock.

Four Corners Property Trust Stock Performance

Shares of FCPT stock opened at $25.23 on Friday. The company has a market cap of $2.77 billion, a P/E ratio of 22.73 and a beta of 0.79. The firm has a fifty day moving average price of $25.23 and a 200 day moving average price of $25.01. 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.

Four Corners Property Trust Dividend Announcement

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

Wall Street Analyst Weigh In

FCPT has been the topic of several analyst reports. UBS Group reiterated a "buy" rating and issued a $30.00 price objective on shares of Four Corners Property Trust in a research note on Thursday, July 9th. Huntington started coverage on Four Corners Property Trust in a research note on Wednesday, July 15th. They set an "outperform" rating and a $27.00 target price for the company. Wells Fargo & Company upped their price target on Four Corners Property Trust from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Monday, June 1st. Citigroup reaffirmed a "market outperform" rating on shares of Four Corners Property Trust in a research report on Monday, June 1st. Finally, Weiss Ratings cut Four Corners Property Trust from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source