Legal & General Group Plc Grows Stock Holdings in Four Corners Property Trust, Inc. $FCPT

Key Points

• Legal & General Group Plc boosted its stake in Four Corners Property Trust by 21.5% in the fourth quarter, buying 129,610 additional shares and bringing its total holdings to 732,656 shares worth about $16.9 million.
• Four Corners Property Trust reported mixed quarterly results: EPS of $0.28 missed estimates, but revenue of $78.17 million came in above expectations and was up 9.4% year over year.
• The company continues to offer a high dividend yield of about 6.0%, while analysts currently maintain a consensus Hold rating with an average price target of $28.13.

Legal & General Group Plc increased its stake in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 21.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 732,656 shares of the financial services provider's stock after buying an additional 129,610 shares during the period. Legal & General Group Plc owned about 0.69% of Four Corners Property Trust worth $16,895,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its position in 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 during the last quarter. Arizona State Retirement System raised its position in shares of Four Corners Property Trust by 1.9% in the third quarter. Arizona State Retirement System now owns 29,730 shares of the financial services provider's stock valued at $725,000 after buying an additional 554 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Four Corners Property Trust by 1.1% in the second quarter. Lazard Asset Management LLC now owns 54,519 shares of the financial services provider's stock valued at $1,467,000 after buying an additional 568 shares during the last quarter. Strs Ohio raised its position in shares of Four Corners Property Trust by 3.3% in the fourth quarter. Strs Ohio now owns 18,700 shares of the financial services provider's stock valued at $431,000 after buying an additional 600 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Four Corners Property Trust by 0.7% in the second quarter. California State Teachers Retirement System now owns 94,900 shares of the financial services provider's stock valued at $2,554,000 after buying an additional 647 shares during the last quarter. Hedge funds and other institutional investors own 98.66% of the company's stock.

Four Corners Property Trust Price Performance

Four Corners Property Trust stock opened at $24.29 on Tuesday. Four Corners Property Trust, Inc. has a 1 year low of $22.78 and a 1 year high of $28.11. The firm has a 50 day moving average price of $24.75 and a 200 day moving average price of $24.48. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 21.69 and a beta of 0.83. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.15 and a current ratio of 0.15.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.14). Four Corners Property Trust had a return on equity of 7.38% and a net margin of 38.74%.The business had revenue of $78.17 million for the quarter, compared to analysts' expectations of $73.34 million. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Four Corners Property Trust's quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that Four Corners Property Trust, Inc. will post 1.75 earnings per share for the current year.

Four Corners Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.3665 per share. This represents a $1.47 annualized dividend and a yield of 6.0%. The ex-dividend date was Tuesday, March 31st. Four Corners Property Trust's payout ratio is currently 130.36%.

Insider Transactions at Four Corners Property Trust

In other Four Corners Property Trust news, CEO William H. Lenehan acquired 3,961 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was bought at an average cost of $25.23 per share, for a total transaction of $99,936.03. Following the completion of the purchase, the chief executive officer directly owned 775,696 shares in the company, valued at $19,570,810.08. This represents a 0.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Monday. BMO Capital Markets assumed coverage on shares of Four Corners Property Trust in a research report on Friday, April 17th. They issued a "market perform" rating and a $27.00 price objective for the company. Weiss Ratings raised shares of Four Corners Property Trust from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, May 20th. Raymond James Financial cut their price objective on shares of Four Corners Property Trust from $29.00 to $28.00 and set an "outperform" rating for the company in a research report on Tuesday, March 17th. Finally, Citigroup reissued a "market outperform" rating on shares of Four Corners Property Trust in a research report on Monday. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $28.13.

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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