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 decreased its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 65.5% in the first quarter, according to its most recent 13F filing with the SEC. 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 approximately 0.49% of Four Corners Property Trust worth $14,063,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Four Corners Property Trust by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 11,275,334 shares of the financial services provider's stock valued at $323,602,000 after purchasing an additional 400,396 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Four Corners Property Trust by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,843,627 shares of the financial services provider's stock valued at $52,912,000 after purchasing an additional 21,205 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Four Corners Property Trust by 3.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,661,915 shares of the financial services provider's stock valued at $47,697,000 after purchasing an additional 48,937 shares in the last quarter. Boston Trust Walden Corp boosted its stake in shares of Four Corners Property Trust by 20.4% in the 1st quarter. Boston Trust Walden Corp now owns 1,578,610 shares of the financial services provider's stock valued at $45,306,000 after purchasing an additional 267,537 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Four Corners Property Trust by 4.5% in the 1st quarter. Northern Trust Corp now owns 1,389,909 shares of the financial services provider's stock valued at $39,890,000 after purchasing an additional 59,823 shares in the last quarter. Hedge funds and other institutional investors own 98.66% of the company's stock.

Insiders Place Their Bets

In related news, CEO William H. Lenehan purchased 7,850 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were acquired at an average price of $25.40 per share, for a total transaction of $199,390.00. Following the completion of the acquisition, the chief executive officer directly owned 698,426 shares in the company, valued at approximately $17,740,020.40. The trade was a 1.14% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on FCPT shares. Wells Fargo & Company restated 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. Barclays cut their target price on shares of Four Corners Property Trust from $30.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 20th. Raymond James Financial cut their target price on shares of Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Finally, UBS Group raised their target price on shares of Four Corners Property Trust from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $29.00.

Four Corners Property Trust Price Performance

NYSE:FCPT remained flat at $25.45 during trading hours on Friday. 540,479 shares of the company traded hands, compared to its average volume of 474,778. The firm has a market cap of $2.66 billion, a P/E ratio of 23.57 and a beta of 0.86. The company's 50 day simple moving average is $25.97 and its 200-day simple moving average is $27.10. Four Corners Property Trust, Inc. has a twelve month low of $25.00 and a twelve month high of $30.93. 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 quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The business had revenue of $72.84 million for the quarter, compared to analysts' expectations of $70.27 million. Four Corners Property Trust had a net margin of 37.87% and a return on equity of 7.40%. The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 earnings per share. Analysts anticipate that Four Corners Property Trust, Inc. will post 1.68 EPS for the current fiscal year.

About Four Corners Property Trust

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.