Massachusetts Financial Services Co. MA Trims Stock Holdings in Four Corners Property Trust, Inc. $FCPT

Key Points

• Massachusetts Financial Services trimmed its stake in Four Corners Property Trust by 6.0% to 1,036,837 shares (about 0.98% ownership, ~$23.9M), and overall institutional ownership remains very high at 98.66%.
• Four Corners reported quarterly EPS of $0.45 (beating $0.43) with revenue up 10.7% YoY, and the company pays a 5.9% dividend yield133.64%, which could raise sustainability concerns.
• Analysts have a consensus rating of "Hold" with a $27.86 target (three Buys vs. five Holds), amid mixed recent notes including Raymond James trimming its target to $28 and Citizens Jmp upgrading to Outperform.

Massachusetts Financial Services Co. MA reduced its stake in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,036,837 shares of the financial services provider's stock after selling 65,948 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.98% of Four Corners Property Trust worth $23,909,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Four Corners Property Trust by 2.1% in the third quarter. Vanguard Group Inc. now owns 11,712,512 shares of the financial services provider's stock valued at $285,785,000 after acquiring an additional 237,155 shares in the last quarter. State Street Corp lifted its position in shares of Four Corners Property Trust by 2.0% in the second quarter. State Street Corp now owns 5,811,410 shares of the financial services provider's stock valued at $158,408,000 after acquiring an additional 116,711 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Four Corners Property Trust by 7.2% in the third quarter. Victory Capital Management Inc. now owns 3,902,064 shares of the financial services provider's stock valued at $95,210,000 after acquiring an additional 262,581 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Four Corners Property Trust by 23.9% in the second quarter. Balyasny Asset Management L.P. now owns 2,159,994 shares of the financial services provider's stock valued at $58,125,000 after acquiring an additional 417,134 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Four Corners Property Trust by 5.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,483,048 shares of the financial services provider's stock valued at $36,186,000 after acquiring an additional 76,666 shares in the last quarter. 98.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on FCPT. Weiss Ratings reiterated a "hold (c)" rating on shares of Four Corners Property Trust in a research note on Wednesday, April 8th. Citigroup reiterated a "market perform" rating on shares of Four Corners Property Trust in a research note on Monday, January 5th. 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 note on Tuesday, March 17th. Finally, Citizens Jmp upgraded 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 research note on Wednesday, March 25th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Four Corners Property Trust presently has a consensus rating of "Hold" and a consensus target price of $27.86.

Four Corners Property Trust Stock Performance

Four Corners Property Trust stock opened at $25.05 on Thursday. The firm has a market capitalization of $2.75 billion, a P/E ratio of 22.77 and a beta of 0.83. The stock has a fifty day moving average price of $24.90 and a 200 day moving average price of $24.27. Four Corners Property Trust, Inc. has a 52 week low of $22.78 and a 52 week high of $28.98. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.36.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its earnings results on Wednesday, February 11th. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. The firm had revenue of $75.67 million during the quarter, compared to analyst estimates of $76.04 million. Four Corners Property Trust had a return on equity of 7.39% and a net margin of 38.20%.The business's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.44 earnings per share. Equities research analysts anticipate that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current year.

Four Corners Property Trust Announces Dividend

The company also recently declared 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. The ex-dividend date was Tuesday, March 31st. This represents a $1.47 annualized dividend and a yield of 5.9%. Four Corners Property Trust's dividend payout ratio is currently 133.64%.

Insider Buying and Selling

In other news, CEO William H. Lenehan purchased 7,865 shares of the company's stock in a transaction on Friday, March 6th. The stock was bought at an average cost of $25.49 per share, for a total transaction of $200,478.85. Following the completion of the purchase, the chief executive officer directly owned 765,845 shares of the company's stock, valued at $19,521,389.05. The trade was a 1.04% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.20% of the stock is owned by corporate insiders.

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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