Sumitomo Mitsui Trust Group Inc. Has $55.47 Million Position in Four Corners Property Trust, Inc. $FCPT

Key Points

• Sumitomo Mitsui Trust Group increased its stake in Four Corners Property Trust by 75.7% in Q1, ending with 2.35 million shares valued at about $55.47 million. Institutional investors and hedge funds now own 98.66% of the company.
• Insider buying continued as CEO William H. Lenehan purchased 3,961 shares at $25.23 each, boosting his direct holdings to 775,696 shares. Corporate insiders collectively own 1.20% of the stock.
• FCPT reported Q1 earnings of $0.28 per share, missing estimates, while revenue of $78.17 million came in above expectations and rose 9.4% year over year. The company also announced a monthly dividend of $0.1222 per share, implying a 5.9% yield.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 75.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,345,427 shares of the financial services provider's stock after acquiring an additional 1,010,648 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 2.14% of Four Corners Property Trust worth $55,469,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. increased its holdings in shares of Four Corners Property Trust by 8.6% in the first quarter. Resona Asset Management Co. Ltd. now owns 48,375 shares of the financial services provider's stock valued at $1,156,000 after purchasing an additional 3,838 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of 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 buying an additional 800 shares during the last quarter. Abel Hall LLC bought a new stake in shares of Four Corners Property Trust during the 1st quarter worth about $232,000. Keybank National Association OH boosted its holdings in shares of Four Corners Property Trust by 8.0% during the 1st quarter. Keybank National Association OH now owns 25,183 shares of the financial services provider's stock worth $596,000 after buying an additional 1,864 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. boosted its holdings in shares of Four Corners Property Trust by 3.8% during the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 20,229 shares of the financial services provider's stock worth $478,000 after buying an additional 746 shares during the period. Institutional investors and hedge funds own 98.66% of the company's stock.

Insiders Place Their Bets

In other news, CEO William H. Lenehan acquired 3,961 shares of Four Corners Property Trust stock in a transaction on Tuesday, May 5th. The shares were purchased 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 of the company's stock, valued at approximately $19,570,810.08. This represents a 0.51% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.

Four Corners Property Trust Price Performance

Four Corners Property Trust stock traded up $0.27 during mid-day trading on Friday, reaching $24.98. 619,164 shares of the company were exchanged, compared to its average volume of 907,492. The firm has a market cap of $2.74 billion, a PE ratio of 22.30 and a beta of 0.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.15 and a quick ratio of 0.15. The company has a fifty day simple moving average of $24.89 and a 200-day simple moving average of $24.72. Four Corners Property Trust, Inc. has a 12 month low of $22.78 and a 12 month high of $26.96.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its earnings results on Wednesday, April 29th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.14). The company had revenue of $78.17 million for the quarter, compared to the consensus estimate of $73.34 million. Four Corners Property Trust had a net margin of 38.74% and a return on equity of 7.38%. The business's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 earnings per share. As a group, equities research analysts expect that Four Corners Property Trust, Inc. will post 1.76 earnings per share for the current fiscal year.

Four Corners Property Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 15th. Investors 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 yield of 5.9%. Four Corners Property Trust's dividend payout ratio is currently 131.25%.

Wall Street Analysts Forecast Growth

FCPT has been the topic of several research analyst reports. BMO Capital Markets began coverage on shares of Four Corners Property Trust in a report on Friday, April 17th. They issued a "market perform" rating and a $27.00 price target on the stock. Citizens Jmp upgraded Four Corners Property Trust from a "market perform" rating to an "outperform" rating and set a $28.00 price objective for the company in a report on Wednesday, March 25th. Citigroup reaffirmed a "market outperform" rating on shares of Four Corners Property Trust in a research report on Monday, June 1st. Weiss Ratings upgraded Four Corners Property Trust from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, June 26th. Finally, UBS Group reissued a "buy" rating and set a $30.00 price target on shares of Four Corners Property Trust in a report on Thursday. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $28.00.

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.

Want to see what other hedge funds are holding FCPT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.