Zimmer Partners LP Sells 929,026 Shares of Four Corners Property Trust, Inc. $FCPT

Key Points

• Zimmer Partners LP has significantly reduced its stake in Four Corners Property Trust, Inc., selling 929,026 shares, marking a 65.5% decrease in their holdings.
• Several institutional investors, including Massachusetts Financial Services and Cbre Investment Management, have recently modified their positions in FCPT, indicating ongoing interest from hedge funds.
• Analysts have mixed views on FCPT, with some lowering price targets and others maintaining or increasing their ratings, resulting in a current consensus rating of "Moderate Buy" and a target price of $29.50.

Zimmer Partners LP trimmed its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 65.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 489,999 shares of the financial services provider's stock after selling 929,026 shares during the period. Zimmer Partners LP owned about 0.49% of Four Corners Property Trust worth $14,063,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Four Corners Property Trust by 9.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,551 shares of the financial services provider's stock valued at $274,000 after buying an additional 796 shares in the last quarter. KBC Group NV lifted its stake in shares of Four Corners Property Trust by 40.8% in the first quarter. KBC Group NV now owns 5,212 shares of the financial services provider's stock valued at $150,000 after buying an additional 1,510 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Four Corners Property Trust by 23.6% in the first quarter. GAMMA Investing LLC now owns 6,457 shares of the financial services provider's stock valued at $185,000 after buying an additional 1,231 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Four Corners Property Trust by 9.5% in the first quarter. Asset Management One Co. Ltd. now owns 275,185 shares of the financial services provider's stock valued at $7,898,000 after buying an additional 23,884 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. bought a new position in shares of Four Corners Property Trust in the first quarter valued at $437,000. 98.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. UBS Group increased 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 report on Friday, August 15th. Barclays lowered 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 report on Wednesday, August 20th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $27.00 target price (down previously from $29.00) on shares of Four Corners Property Trust in a report on Thursday. Finally, Raymond James Financial lowered 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 report on Thursday, July 31st. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $29.00.

Four Corners Property Trust Price Performance

Shares of Four Corners Property Trust stock remained flat at $25.45 on Friday. 540,479 shares of the stock were exchanged, compared to its average volume of 469,762. Four Corners Property Trust, Inc. has a 1 year low of $25.00 and a 1 year high of $30.93. The business has a 50 day moving average of $25.97 and a 200 day moving average of $27.12. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 23.57 and a beta of 0.86. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.39.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its 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. Four Corners Property Trust had a net margin of 37.87% and a return on equity of 7.40%. The firm had revenue of $72.84 million during the quarter, compared to the consensus estimate of $70.27 million. During the same period in the prior year, the firm earned $0.43 EPS. The company's revenue was up 9.6% compared to the same quarter last year. As a group, analysts anticipate that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current year.

Insider Buying and Selling at Four Corners Property Trust

In other Four Corners Property Trust news, CEO William H. Lenehan bought 7,850 shares of Four Corners Property Trust stock in a transaction dated Friday, September 12th. The stock was purchased at an average price of $25.40 per share, for a total transaction of $199,390.00. Following the completion of the purchase, the chief executive officer directly owned 698,426 shares of the company's stock, valued at approximately $17,740,020.40. This trade represents a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.

Four Corners Property Trust Company Profile

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.