Four Corners Property Trust's (FCPT) "Equal Weight" Rating Reaffirmed at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reaffirmed its "equal weight" rating for Four Corners Property Trust (NYSE:FCPT), reducing the target price from $29.00 to $27.00.
• Several other firms have varied opinions on FCPT, with UBS raising their target price to $31.00 while Barclays and Raymond James both reduced their targets to $29.00.
• Four Corners Property Trust reported earnings of $0.44 EPS for the last quarter, exceeding analyst expectations and showing a 9.6% year-over-year revenue increase.

Four Corners Property Trust (NYSE:FCPT - Get Free Report)'s stock had its "equal weight" rating reaffirmed by analysts at Wells Fargo & Company in a note issued to investors on Thursday, MarketBeat Ratings reports. They presently have a $27.00 price target on the financial services provider's stock, down from their prior price target of $29.00. Wells Fargo & Company's target price points to a potential upside of 6.76% from the company's previous close.

A number of other research firms have also recently commented on FCPT. UBS Group boosted their price target on shares of Four Corners Property Trust from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. Raymond James Financial dropped their target price on Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Finally, Barclays dropped 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 report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Four Corners Property Trust presently has a consensus rating of "Hold" and a consensus price target of $29.00.

Four Corners Property Trust Price Performance

FCPT traded down $0.33 on Thursday, reaching $25.29. The company had a trading volume of 464,565 shares, compared to its average volume of 681,459. Four Corners Property Trust has a 52-week low of $25.00 and a 52-week high of $30.93. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 23.42 and a beta of 0.86. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.12 and a current ratio of 0.12. The business has a 50 day simple moving average of $25.94 and a 200 day simple moving average of $27.08.

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 EPS for the quarter, topping 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 business had revenue of $72.84 million during the quarter, compared to analysts' expectations of $70.27 million. During the same quarter in the previous year, the company earned $0.43 EPS. The business's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Four Corners Property Trust will post 1.68 EPS for the current year.

Insiders Place Their Bets

In related news, CEO William H. Lenehan acquired 7,850 shares of the stock in a transaction on 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 transaction, the chief executive officer owned 698,426 shares of the company's stock, valued at $17,740,020.40. This trade represents a 1.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.20% of the company's stock.

Institutional Trading of Four Corners Property Trust

Several hedge funds and other institutional investors have recently bought and sold shares of FCPT. Mercer Global Advisors Inc. ADV bought a new stake in Four Corners Property Trust in the fourth quarter valued at approximately $204,000. Deutsche Bank AG increased its stake in shares of Four Corners Property Trust by 4.5% during the fourth quarter. Deutsche Bank AG now owns 634,564 shares of the financial services provider's stock valued at $17,222,000 after buying an additional 27,283 shares during the period. D. E. Shaw & Co. Inc. purchased a new position in shares of Four Corners Property Trust during the fourth quarter valued at approximately $206,000. Lazard Asset Management LLC increased its stake in shares of Four Corners Property Trust by 45.2% during the fourth quarter. Lazard Asset Management LLC now owns 43,931 shares of the financial services provider's stock valued at $1,192,000 after buying an additional 13,683 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Four Corners Property Trust by 9.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,908 shares of the financial services provider's stock valued at $1,490,000 after buying an additional 4,729 shares during the period. Institutional investors own 98.66% of the company's stock.

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.