William Blair Investment Management LLC Sells 109,331 Shares of Four Corners Property Trust, Inc. $FCPT

Key Points

• William Blair Investment Management trimmed its Four Corners Property Trust position by 9.4% in the fourth quarter, selling 109,331 shares and ending with about 1.06 million shares valued at roughly $24.35 million.
• Insider buying also stood out: CEO William H. Lenehan purchased 3,961 shares at $25.23 each, increasing his ownership slightly and signaling ongoing insider confidence.
• FCPT reported quarterly EPS of $0.28, missing analyst expectations, even though revenue rose 9.4% year over year to $78.17 million. The stock also pays a 5.8% dividend yield, and analysts currently rate it a consensus Hold with a $28 price target.

William Blair Investment Management LLC lessened its stake in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 9.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,055,836 shares of the financial services provider's stock after selling 109,331 shares during the quarter. William Blair Investment Management LLC owned approximately 1.00% of Four Corners Property Trust worth $24,348,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Four Corners Property Trust by 80.1% during the third quarter. Parallel Advisors LLC now owns 1,041 shares of the financial services provider's stock worth $25,000 after purchasing an additional 463 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Four Corners Property Trust by 829.2% during the fourth quarter. Farther Finance Advisors LLC now owns 1,115 shares of the financial services provider's stock worth $26,000 after purchasing an additional 995 shares during the period. First Horizon Corp lifted its holdings in shares of Four Corners Property Trust by 147.4% during the fourth quarter. First Horizon Corp now owns 1,190 shares of the financial services provider's stock worth $27,000 after purchasing an additional 709 shares during the period. Aster Capital Management DIFC Ltd lifted its holdings in shares of Four Corners Property Trust by 1,632.6% during the third quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the financial services provider's stock worth $40,000 after purchasing an additional 1,551 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Four Corners Property Trust by 136.8% during the third quarter. CIBC Private Wealth Group LLC now owns 2,718 shares of the financial services provider's stock worth $66,000 after purchasing an additional 1,570 shares during the period. Institutional investors own 98.66% of the company's stock.

Insider Activity at Four Corners Property Trust

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

Four Corners Property Trust Price Performance

FCPT stock opened at $25.06 on Tuesday. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.35. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 22.38 and a beta of 0.83. The company's fifty day simple moving average is $24.81 and its 200 day simple moving average is $24.45. Four Corners Property Trust, Inc. has a 12-month low of $22.78 and a 12-month high of $28.11.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last issued its quarterly 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). Four Corners Property Trust had a return on equity of 7.38% and a net margin of 38.74%.The business had revenue of $78.17 million for the quarter, compared to analyst estimates of $73.34 million. During the same quarter in the previous year, the business posted $0.44 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. On average, analysts expect that Four Corners Property Trust, Inc. will post 1.75 earnings per share for the current year.

Four Corners Property Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $0.3665 per share. The ex-dividend date was Tuesday, March 31st. This represents a $1.47 annualized dividend and a dividend yield of 5.8%. Four Corners Property Trust's dividend payout ratio is presently 131.25%.

Analysts Set New Price Targets

FCPT has been the topic of a number of recent research reports. Citizens Jmp upgraded shares of Four Corners Property Trust from a "market perform" rating to an "outperform" rating and set a $28.00 price target on the stock in a report on Wednesday, March 25th. BMO Capital Markets initiated coverage on Four Corners Property Trust in a research report on Friday, April 17th. They set a "market perform" rating and a $27.00 price objective for the company. Weiss Ratings raised Four Corners Property Trust from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, May 20th. Barclays upped their target price on Four Corners Property Trust from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, April 21st. Finally, Raymond James Financial decreased their target price on shares of Four Corners Property Trust from $29.00 to $28.00 and set an "outperform" rating for the company in a research report on Tuesday, March 17th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $28.00.

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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