Four Corners Property Trust Inc. (FCPT) Upgraded by Zacks Investment Research to Hold
Four Corners Property Trust Inc. (NYSE:FCPT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Four Corners Property Trust, Inc. is involved in the acquisition and leasing of restaurant locations. Four Corners is headquartered in Mill Valley, CA. “
Other equities research analysts also recently issued research reports about the stock. JMP Securities downgraded shares of Four Corners Property Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, August 22nd. Robert W. Baird downgraded shares of Four Corners Property Trust from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $20.00 to $21.00 in a research note on Tuesday, July 12th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $22.33.
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Four Corners Property Trust (NYSE:FCPT) traded down 1.97% during midday trading on Tuesday, reaching $19.93. The company had a trading volume of 294,317 shares. The firm’s 50 day moving average is $20.71 and its 200 day moving average is $19.95. Four Corners Property Trust has a 1-year low of $14.09 and a 1-year high of $24.44. The stock has a market capitalization of $1.19 billion and a PE ratio of 10.42.
Four Corners Property Trust (NYSE:FCPT) last announced its earnings results on Wednesday, August 3rd. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.33 by $0.03. The firm had revenue of $30.90 million for the quarter, compared to analyst estimates of $4.62 million. Four Corners Property Trust’s quarterly revenue was up 569.0% on a year-over-year basis. On average, equities analysts anticipate that Four Corners Property Trust will post $1.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a dividend of $0.2425 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.97 annualized dividend and a yield of 4.87%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cohen & Steers Inc. boosted its position in Four Corners Property Trust by 206.2% in the second quarter. Cohen & Steers Inc. now owns 7,957,561 shares of the company’s stock valued at $736,393,000 after buying an additional 5,358,939 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Four Corners Property Trust by 1,688.3% in the second quarter. Prudential Financial Inc. now owns 2,270,708 shares of the company’s stock worth $46,754,000 after buying an additional 2,143,729 shares during the period. Heitman Real Estate Securities LLC boosted its position in shares of Four Corners Property Trust by 185.5% in the first quarter. Heitman Real Estate Securities LLC now owns 2,965,944 shares of the company’s stock worth $53,239,000 after buying an additional 1,927,232 shares during the period. Adelante Capital Management LLC bought a new position in shares of Four Corners Property Trust during the second quarter worth about $15,813,000. Finally, Teachers Advisors Inc. boosted its position in shares of Four Corners Property Trust by 764.8% in the second quarter. Teachers Advisors Inc. now owns 850,887 shares of the company’s stock worth $17,520,000 after buying an additional 752,497 shares during the period. 89.40% of the stock is owned by hedge funds and other institutional investors.
About Four Corners Property Trust
Four Corners Property Trust, Inc is a self-administered company, which is engaged in the ownership, acquisition and leasing of restaurant properties. The Company’s business is conducted through its subsidiaries, Four Corners Operating Partnership, LP (Four Corners OP) and Four Corners GP, LLC (Four Corners GP).
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