Four Corners Property Trust (NYSE:FCPT) Given New $29.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered the price target for Four Corners Property Trust (FCPT) from $30.00 to $29.00, while maintaining an "overweight" rating, indicating a potential upside of 12.65% from the current price.
• FCPT's recent earnings report showed EPS of $0.44, surpassing estimates and reflecting a 9.6% increase in quarterly revenue year-over-year, bringing in $72.84 million.
• Approximately 98.66% of FCPT's stock is owned by institutional investors and hedge funds, underscoring strong institutional support for the company.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) had its target price cut by equities research analysts at Wells Fargo & Company from $30.00 to $29.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective suggests a potential upside of 12.65% from the company's current price.

Several other research analysts also recently issued reports on FCPT. Barclays dropped their price objective 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 dropped their price objective 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 boosted their price objective 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. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Four Corners Property Trust has a consensus rating of "Moderate Buy" and an average target price of $29.20.

Four Corners Property Trust Stock Performance

FCPT traded up $0.03 during trading on Wednesday, hitting $25.74. The stock had a trading volume of 15,467 shares, compared to its average volume of 688,453. The firm has a market cap of $2.69 billion, a PE ratio of 23.84 and a beta of 0.83. Four Corners Property Trust has a 12 month low of $25.00 and a 12 month high of $30.93. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.39. The company has a 50 day simple moving average of $26.35 and a 200-day simple moving average of $27.31.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The firm had revenue of $72.84 million for the quarter, compared to the consensus estimate of $70.27 million. Four Corners Property Trust had a net margin of 37.87% and a return on equity of 7.40%. The business's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. Analysts expect that Four Corners Property Trust will post 1.68 EPS for the current year.

Insider Buying and Selling at Four Corners Property Trust

In other news, Director John S. Moody sold 7,667 shares of Four Corners Property Trust stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $27.42, for a total transaction of $210,229.14. Following the sale, the director directly owned 53,821 shares in the company, valued at approximately $1,475,771.82. The trade was a 12.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.20% of the company's stock.

Hedge Funds Weigh In On Four Corners Property Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH acquired a new position in Four Corners Property Trust in the second quarter valued at about $27,000. Elevation Point Wealth Partners LLC acquired a new position in Four Corners Property Trust in the second quarter valued at about $37,000. Costello Asset Management INC acquired a new position in Four Corners Property Trust in the first quarter valued at about $40,000. GF Fund Management CO. LTD. acquired a new position in Four Corners Property Trust in the fourth quarter valued at about $46,000. Finally, Quarry LP acquired a new position in Four Corners Property Trust in the fourth quarter valued at about $49,000. 98.66% of the stock is currently owned by institutional investors and hedge funds.

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.

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