Vanguard Group Inc. Increases Stock Holdings in Four Corners Property Trust, Inc. $FCPT

Key Points

• Vanguard Group increased its stake in Four Corners Property Trust by 2.9% in the fourth quarter, owning 12.06 million shares valued at about $278 million. Institutional investors still hold 98.66% of the company’s stock.
• Four Corners Property Trust reported Q1 earnings of $0.28 per share, missing analyst estimates, though revenue of $78.17 million came in above expectations and rose 9.4% year over year.
• The company paid a quarterly dividend of $0.3665 per share, equivalent to a 5.8% annualized yield, while CEO William H. Lenehan also bought 3,961 shares in a recent insider transaction.

Vanguard Group Inc. grew its position in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,057,364 shares of the financial services provider's stock after buying an additional 344,852 shares during the quarter. Vanguard Group Inc. owned 11.37% of Four Corners Property Trust worth $278,043,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. State Street Corp boosted its stake in shares of Four Corners Property Trust by 2.0% during 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 during the last quarter. Victory Capital Management Inc. boosted its stake in Four Corners Property Trust by 7.2% in the 3rd quarter. Victory Capital Management Inc. now owns 3,902,064 shares of the financial services provider's stock worth $95,210,000 after buying an additional 262,581 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Four Corners Property Trust by 23.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 2,159,994 shares of the financial services provider's stock worth $58,125,000 after purchasing an additional 417,134 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Four Corners Property Trust by 5.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,483,048 shares of the financial services provider's stock worth $36,186,000 after purchasing an additional 76,666 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Four Corners Property Trust by 2.3% in the 3rd quarter. Bank of America Corp DE now owns 1,404,113 shares of the financial services provider's stock worth $34,260,000 after purchasing an additional 31,173 shares during the period. Institutional investors and hedge funds own 98.66% of the company's stock.

Four Corners Property Trust Stock Performance

Shares of NYSE:FCPT opened at $25.18 on Friday. The company has a market cap of $2.76 billion, a P/E ratio of 22.49 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, Inc. has a one year low of $22.78 and a one year high of $28.11. The business's 50-day simple moving average is $24.98 and its 200 day simple moving average is $24.39.

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

Four Corners Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued 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 5.8%. Four Corners Property Trust's payout ratio is currently 131.25%.

Insider Transactions at Four Corners Property Trust

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FCPT. Raymond James Financial cut their price objective on Four Corners Property Trust from $29.00 to $28.00 and set an "outperform" rating on the stock in a report on Tuesday, March 17th. Weiss Ratings restated a "hold (c)" rating on shares of Four Corners Property Trust in a report on Wednesday, April 8th. BMO Capital Markets began coverage on Four Corners Property Trust in a report on Friday, April 17th. They issued a "market perform" rating and a $27.00 price objective on the stock. Barclays raised their price objective on Four Corners Property Trust from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 21st. Finally, Citizens Jmp upgraded Four Corners Property Trust from a "market perform" rating to an "outperform" rating and set a $28.00 target price on the stock in a report on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Four Corners Property Trust presently has an average rating of "Hold" and a consensus target price 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.

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