Nuveen LLC Makes New Investment in Four Corners Property Trust, Inc. $FCPT

Key Points

• Nuveen LLC has acquired a new position in Four Corners Property Trust, Inc. (NYSE:FCPT), purchasing 637,309 shares valued at approximately $18.29 million, representing about 0.63% ownership in the company.
• Four Corners Property Trust recently reported quarterly earnings of $0.44 per share, exceeding analyst estimates and demonstrating a 9.6% revenue growth year-over-year.
• The company has declared a quarterly dividend of $0.355 per share, translating to an annualized dividend yield of 5.5%, with a dividend payout ratio of 131.48%.

Nuveen LLC purchased a new position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 637,309 shares of the financial services provider's stock, valued at approximately $18,291,000. Nuveen LLC owned 0.63% of Four Corners Property Trust as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Four Corners Property Trust by 30.3% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 187,190 shares of the financial services provider's stock worth $5,372,000 after purchasing an additional 43,499 shares during the period. Swiss National Bank lifted its stake in Four Corners Property Trust by 2.9% during the first quarter. Swiss National Bank now owns 187,407 shares of the financial services provider's stock worth $5,379,000 after purchasing an additional 5,200 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Four Corners Property Trust by 7.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 67,906 shares of the financial services provider's stock worth $1,949,000 after purchasing an additional 4,500 shares during the period. Deutsche Bank AG lifted its stake in Four Corners Property Trust by 13.6% during the first quarter. Deutsche Bank AG now owns 720,943 shares of the financial services provider's stock worth $20,691,000 after purchasing an additional 86,379 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Four Corners Property Trust by 3.0% during 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 period. Institutional investors own 98.66% of the company's stock.

Four Corners Property Trust Price Performance

Shares of Four Corners Property Trust stock traded up $0.2320 during midday trading on Friday, reaching $26.0120. The company had a trading volume of 464,326 shares, compared to its average volume of 590,216. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 24.09 and a beta of 0.83. The stock has a fifty day simple moving average of $26.41 and a 200 day simple moving average of $27.34. Four Corners Property Trust, Inc. has a 1-year low of $25.00 and a 1-year high of $30.93.

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

Four Corners Property Trust Announces Dividend

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

Insider Buying and Selling at Four Corners Property Trust

In related news, Director John S. Moody sold 7,667 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $27.42, for a total value of $210,229.14. Following the completion of the sale, the director 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 document filed with the SEC, which is available at the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCPT. Wells Fargo & Company cut their target price on shares of Four Corners Property Trust from $31.00 to $30.00 and set an "overweight" rating for the company in a research note on Monday, June 2nd. UBS Group lifted their target price on shares of Four Corners Property Trust from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Barclays cut their target price on shares of Four Corners Property Trust from $30.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday. Finally, Raymond James Financial cut their target price on shares of Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.40.

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.