Manning & Napier Advisors LLC Acquires 76,637 Shares of Four Corners Property Trust, Inc. $FCPT

Key Points

• Manning & Napier Advisors increased its stake in Four Corners Property Trust by 23.7% in Q1, buying 76,637 additional shares and bringing its total holding to 399,486 shares worth about $9.45 million.
• FCPT posted mixed quarterly results, with revenue of $78.17 million topping estimates but EPS of $0.28 missing the consensus $0.42. Revenue rose 9.4% year over year, and the stock traded up 1.1% to $24.98.
• The company declared a monthly dividend of $0.1222 per share, implying a 5.9% annualized yield, while analysts currently have an overall Hold rating and an average price target of $28.00.

Manning & Napier Advisors LLC lifted its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 23.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 399,486 shares of the financial services provider's stock after acquiring an additional 76,637 shares during the period. Manning & Napier Advisors LLC owned approximately 0.36% of Four Corners Property Trust worth $9,448,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Hsbc Holdings PLC raised its stake in Four Corners Property Trust by 5.8% during the first quarter. Hsbc Holdings PLC now owns 201,455 shares of the financial services provider's stock worth $4,767,000 after acquiring an additional 11,010 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Four Corners Property Trust by 75.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,345,427 shares of the financial services provider's stock valued at $55,469,000 after purchasing an additional 1,010,648 shares in the last quarter. Resona Asset Management Co. Ltd. increased its position in Four Corners Property Trust by 8.6% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 48,375 shares of the financial services provider's stock worth $1,156,000 after purchasing an additional 3,838 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Four Corners Property Trust by 3.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,076 shares of the financial services provider's stock worth $593,000 after purchasing an additional 800 shares in the last quarter. Finally, Abel Hall LLC bought a new position in Four Corners Property Trust in the 1st quarter valued at approximately $232,000. 98.66% of the stock is owned by institutional investors.

Insider Activity at Four Corners Property Trust

In other Four Corners Property Trust news, CEO William H. Lenehan bought 3,961 shares of the business's stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average price of $25.23 per share, for a total transaction of $99,936.03. Following the purchase, the chief executive officer directly owned 775,696 shares of the company's stock, valued at approximately $19,570,810.08. This represents a 0.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Four Corners Property Trust Stock Up 1.1%

Shares of NYSE FCPT traded up $0.27 during midday trading on Friday, hitting $24.98. 619,164 shares of the stock traded hands, compared to its average volume of 907,492. The company has a market cap of $2.74 billion, a PE ratio of 22.30 and a beta of 0.80. Four Corners Property Trust, Inc. has a one year low of $22.78 and a one year high of $26.96. The business has a 50 day moving average price of $24.89 and a two-hundred day moving average price of $24.72. 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 issued its earnings results on Wednesday, April 29th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.14). The firm had revenue of $78.17 million during the quarter, compared to the consensus estimate of $73.34 million. Four Corners Property Trust had a return on equity of 7.38% and a net margin of 38.74%.Four Corners Property Trust's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. On average, equities analysts predict that Four Corners Property Trust, Inc. will post 1.76 EPS for the current year.

Four Corners Property Trust Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.1222 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 5.9%. Four Corners Property Trust's dividend payout ratio (DPR) is currently 131.25%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Barclays boosted their target price on shares of Four Corners Property Trust from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 21st. BMO Capital Markets started coverage on Four Corners Property Trust in a report on Friday, April 17th. They set a "market perform" rating and a $27.00 price objective on the stock. Weiss Ratings upgraded Four Corners Property Trust from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 26th. Citizens Jmp raised Four Corners Property Trust from a "market perform" rating to an "outperform" rating and set a $28.00 target price for the company in a report on Wednesday, March 25th. Finally, Raymond James Financial dropped their target price on 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. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $28.00.

Four Corners Property Trust Company 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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