William Blair Investment Management LLC Makes New $24.13 Million Investment in Four Corners Property Trust, Inc. $FCPT

Key Points

• William Blair Investment Management acquired 982,742 shares of Four Corners Property Trust, valued at approximately $24.13 million, giving it a 0.90% stake. Institutional investors collectively own 98.66% of FCPT.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $27.78; ratings include five Buys and five Holds.
• FCPT reported quarterly EPS of $0.45, exceeding the $0.29 consensus estimate, while revenue rose 7.7% year over year to $78.42 million. The company also declared a monthly dividend of $0.1222 per share, implying a 5.8% annualized yield.

William Blair Investment Management LLC bought a new position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 982,742 shares of the financial services provider's stock, valued at approximately $24,126,000. William Blair Investment Management LLC owned about 0.90% of Four Corners Property Trust as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Parallel Advisors LLC lifted its position in Four Corners Property Trust by 80.1% during the 3rd quarter. Parallel Advisors LLC now owns 1,041 shares of the financial services provider's stock worth $25,000 after buying an additional 463 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Four Corners Property Trust by 1.1% in the 2nd quarter. Lazard Asset Management LLC now owns 54,519 shares of the financial services provider's stock valued at $1,467,000 after buying an additional 568 shares during the period. Strs Ohio increased its position in Four Corners Property Trust by 3.3% in the fourth quarter. Strs Ohio now owns 18,700 shares of the financial services provider's stock worth $431,000 after purchasing an additional 600 shares during the period. Handelsbanken Fonder AB grew its position in shares of Four Corners Property Trust by 1.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 34,095 shares of the financial services provider's stock worth $837,000 after buying an additional 600 shares during the period. Finally, California State Teachers Retirement System grew its holdings in Four Corners Property Trust by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 94,900 shares of the financial services provider's stock worth $2,554,000 after acquiring an additional 647 shares during the period. 98.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Citigroup reaffirmed a "market outperform" rating on shares of Four Corners Property Trust in a research note on Monday, June 1st. Weiss Ratings lowered Four Corners Property Trust from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Barclays lowered their target price on 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, July 22nd. Wells Fargo & Company lifted their price target on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Monday, June 1st. Finally, UBS Group reiterated a "buy" rating and issued a $30.00 price target on shares of Four Corners Property Trust in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Four Corners Property Trust has a consensus rating of "Moderate Buy" and a consensus price target of $27.78.

Four Corners Property Trust Trading Down 0.5%

Four Corners Property Trust stock opened at $25.26 on Friday. The firm has a 50-day moving average of $25.25 and a 200-day moving average of $25.04. Four Corners Property Trust, Inc. has a one year low of $22.78 and a one year high of $26.86. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 22.76 and a beta of 0.79.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its earnings results on Wednesday, July 29th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.16. Four Corners Property Trust had a return on equity of 7.35% and a net margin of 38.70%.The business had revenue of $78.42 million for the quarter, compared to the consensus estimate of $79.02 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. Four Corners Property Trust's quarterly revenue was up 7.7% on a year-over-year basis. On average, equities analysts expect that Four Corners Property Trust, Inc. will post 1.76 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

The business also recently declared 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 5.8%. Four Corners Property Trust's payout ratio is 132.43%.

About Four Corners Property Trust

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source