Wells Fargo & Company Reaffirms "Equal Weight" Rating for Four Corners Property Trust (NYSE:FCPT)

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 reissued by equities researchers at Wells Fargo & Company in a report issued on Thursday,Benzinga reports. They currently have a $27.00 target price on the financial services provider's stock, down from their prior target price of $29.00. Wells Fargo & Company's target price points to a potential upside of 5.13% from the stock's previous close.

Several other research firms have also issued reports on FCPT. UBS Group upped their target price on 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 reduced 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 report on Wednesday, August 20th. Finally, Raymond James Financial reduced their target price on 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 investment 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, the stock currently has a consensus rating of "Hold" and an average target price of $29.00.

Four Corners Property Trust Stock Performance

Shares of FCPT opened at $25.68 on Thursday. 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 stock has a 50 day moving average price of $26.04 and a two-hundred day moving average price of $27.16. The firm has a market capitalization of $2.68 billion, a P/E ratio of 23.78 and a beta of 0.86. Four Corners Property Trust has a 52 week low of $25.00 and a 52 week high of $30.93.

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 (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. The company had revenue of $72.84 million during the quarter, compared to analyst estimates of $70.27 million. Four Corners Property Trust had a return on equity of 7.40% and a net margin of 37.87%.Four Corners Property Trust's quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.43 earnings per share. Equities analysts forecast that Four Corners Property Trust will post 1.68 earnings per share for the current fiscal year.

Institutional Trading of Four Corners Property Trust

Large investors have recently added to or reduced their stakes in the stock. Trust Co. of Toledo NA OH bought a new stake in Four Corners Property Trust during the 2nd quarter valued at approximately $27,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Four Corners Property Trust during the 2nd quarter valued at $37,000. Costello Asset Management INC bought a new stake in shares of Four Corners Property Trust during the 1st quarter valued at $40,000. GF Fund Management CO. LTD. bought a new stake in shares of Four Corners Property Trust during the 4th quarter valued at $46,000. Finally, Brooklyn Investment Group boosted its holdings in shares of Four Corners Property Trust by 1,389.5% during the 1st quarter. Brooklyn Investment Group now owns 1,698 shares of the financial services provider's stock valued at $49,000 after buying an additional 1,584 shares in the last quarter. 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.

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