Four Corners Property Trust, Inc. $FCPT Shares Purchased by Callodine Capital Management LP

Key Points

• Callodine Capital Management LP boosted its FCPT stake by 19.6% in Q1, buying 256,325 more shares and bringing its holding to 1,565,607 shares worth about $37.0 million.
• Four Corners Property Trust reported mixed quarterly results: EPS of $0.28 missed estimates, but revenue of $78.17 million topped expectations and rose 9.4% year over year.
• The company declared a monthly dividend of $0.1222 per share, implying a 5.6% annualized yield, while analysts currently rate the stock a Moderate Buy with a consensus target of $27.78.

Callodine Capital Management LP increased its stake in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 19.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,565,607 shares of the financial services provider's stock after buying an additional 256,325 shares during the quarter. Four Corners Property Trust comprises 2.6% of Callodine Capital Management LP's holdings, making the stock its 14th largest position. Callodine Capital Management LP owned 1.43% of Four Corners Property Trust worth $37,027,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCPT. Parallel Advisors LLC raised its holdings in shares of 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 worth $25,000 after acquiring an additional 463 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Four Corners Property Trust by 829.2% in the fourth quarter. Farther Finance Advisors LLC now owns 1,115 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 995 shares during the period. First Horizon Corp grew its holdings in shares of Four Corners Property Trust by 147.4% in the fourth quarter. First Horizon Corp now owns 1,190 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 709 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Four Corners Property Trust in the fourth quarter valued at about $36,000. Finally, Huntington National Bank increased its position in Four Corners Property Trust by 114.1% during the fourth 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. Institutional investors and hedge funds own 98.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wells Fargo & Company lifted their target price 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. BMO Capital Markets began coverage on shares of Four Corners Property Trust in a research note on Friday, April 17th. They issued a "market perform" rating and a $27.00 price target for the company. Citigroup restated a "market outperform" rating on shares of Four Corners Property Trust in a report on Monday, June 1st. Weiss Ratings raised shares of Four Corners Property Trust from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 26th. Finally, UBS Group reiterated a "buy" rating and issued a $30.00 price objective on shares of Four Corners Property Trust in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $27.78.

Four Corners Property Trust Stock Up 0.9%

Shares of NYSE:FCPT opened at $26.07 on Friday. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 23.28 and a beta of 0.80. Four Corners Property Trust, Inc. has a 12-month low of $22.78 and a 12-month high of $26.86. The business has a 50-day moving average price of $25.07 and a 200 day moving average price of $24.90. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.35.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last posted its earnings results on Wednesday, April 29th. The financial services provider reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.14). The company had revenue of $78.17 million during the quarter, compared to analyst estimates of $73.34 million. Four Corners Property Trust had a net margin of 38.74% and a return on equity of 7.38%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 EPS. Sell-side analysts expect that Four Corners Property Trust, Inc. will post 1.76 EPS for the current year.

Four Corners Property Trust Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.1222 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Wednesday, September 30th. Four Corners Property Trust's payout ratio is 131.25%.

Insider Activity

In related news, CEO William H. Lenehan acquired 3,961 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average cost of $25.23 per share, for a total transaction of $99,936.03. Following the acquisition, the chief executive officer owned 775,696 shares in the company, valued at $19,570,810.08. The trade was a 0.51% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.20% of the company's stock.

Four Corners Property Trust 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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