Raymond James Financial Inc. Sells 17,547 Shares of Four Corners Property Trust, Inc. $FCPT

Key Points

• Raymond James Financial Inc. reduced its shares in Four Corners Property Trust (NYSE:FCPT) by 3.7%, owning approximately 0.45% of the company worth $13,080,000 after selling 17,547 shares.
• Four Corners Property Trust reported a net margin of 37.87% and a revenue increase of 9.6% year-over-year, with earnings of $0.44 EPS exceeding analyst estimates.
• The company's stock has an average rating of "Moderate Buy" with a revised average price target of $29.50 following updates from multiple analysts.

Raymond James Financial Inc. trimmed its position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 455,754 shares of the financial services provider's stock after selling 17,547 shares during the quarter. Raymond James Financial Inc. owned 0.45% of Four Corners Property Trust worth $13,080,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of FCPT. Vanguard Group Inc. lifted its holdings in shares of Four Corners Property Trust by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 11,275,334 shares of the financial services provider's stock worth $323,602,000 after acquiring an additional 400,396 shares during the last quarter. Principal Financial Group Inc. raised its position in Four Corners Property Trust by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,843,627 shares of the financial services provider's stock worth $52,912,000 after purchasing an additional 21,205 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Four Corners Property Trust by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,661,915 shares of the financial services provider's stock worth $47,697,000 after purchasing an additional 48,937 shares during the last quarter. Boston Trust Walden Corp boosted its position in shares of Four Corners Property Trust by 20.4% during the first quarter. Boston Trust Walden Corp now owns 1,578,610 shares of the financial services provider's stock valued at $45,306,000 after buying an additional 267,537 shares during the period. Finally, Zimmer Partners LP bought a new position in shares of Four Corners Property Trust during the fourth quarter valued at approximately $38,512,000. Institutional investors own 98.66% of the company's stock.

Four Corners Property Trust Stock Up 0.0%

Shares of FCPT stock traded up $0.01 during mid-day trading on Thursday, hitting $25.79. The stock had a trading volume of 45,390 shares, compared to its average volume of 681,760. Four Corners Property Trust, Inc. has a 12-month low of $25.00 and a 12-month high of $30.93. The firm has a market capitalization of $2.69 billion, a P/E ratio of 23.88 and a beta of 0.86. The firm's 50-day moving average is $26.15 and its two-hundred day moving average is $27.22. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.12 and a quick ratio of 0.12.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $72.84 million for the quarter, compared to analyst estimates of $70.27 million. Four Corners Property Trust had a return on equity of 7.40% and a net margin of 37.87%.The business's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. On average, analysts predict that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FCPT. Wells Fargo & Company decreased their price target on Four Corners Property Trust from $30.00 to $29.00 and set an "overweight" rating for the company in a research note on Wednesday, August 27th. Raymond James Financial decreased their target price 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. UBS Group upped their price target on shares of Four Corners Property Trust from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Finally, Barclays reduced their price target on shares of 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, August 20th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $29.50.

Insider Activity at Four Corners Property Trust

In related news, Director John S. Moody sold 7,667 shares of Four Corners Property Trust stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $27.42, for a total transaction of $210,229.14. Following the transaction, the director directly owned 53,821 shares of the company's stock, valued at $1,475,771.82. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.20% of the company's stock.

About Four Corners Property Trust

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.