Four Corners Property Trust, Inc. (NYSE:FCPT – Get Rating) shares were up 3.7% during trading on Wednesday . The company traded as high as $27.45 and last traded at $27.45. Approximately 15,334 shares were traded during trading, a decline of 95% from the average daily volume of 296,320 shares. The stock had previously closed at $26.46.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on FCPT shares. Berenberg Bank cut Four Corners Property Trust from a “buy” rating to a “hold” rating and decreased their price objective for the company from $31.00 to $30.00 in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Raymond James lowered their target price on Four Corners Property Trust from $33.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, September 6th. Evercore ISI upped their price objective on Four Corners Property Trust from $29.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, September 12th. Credit Suisse Group started coverage on Four Corners Property Trust in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $26.00 price objective on the stock. Finally, Janney Montgomery Scott lowered Four Corners Property Trust to a “neutral” rating in a research report on Tuesday, August 9th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.40.
Four Corners Property Trust Stock Down 3.9 %
The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 21.37 and a beta of 0.87. The firm’s 50 day moving average price is $27.80 and its two-hundred day moving average price is $27.35. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.85 and a quick ratio of 2.85.
Four Corners Property Trust Increases Dividend
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 $0.333 per share. This is a boost from Four Corners Property Trust’s previous quarterly dividend of $0.33. This represents a $1.33 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend is Thursday, September 29th. Four Corners Property Trust’s dividend payout ratio is currently 109.92%.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in FCPT. Macquarie Group Ltd. increased its holdings in Four Corners Property Trust by 347.0% in the second quarter. Macquarie Group Ltd. now owns 1,523,593 shares of the financial services provider’s stock valued at $40,561,000 after buying an additional 1,182,740 shares in the last quarter. Millennium Management LLC increased its holdings in Four Corners Property Trust by 3,063.1% in the second quarter. Millennium Management LLC now owns 822,438 shares of the financial services provider’s stock valued at $21,869,000 after buying an additional 796,437 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Four Corners Property Trust by 15.6% in the second quarter. Victory Capital Management Inc. now owns 4,712,173 shares of the financial services provider’s stock valued at $125,296,000 after buying an additional 637,518 shares in the last quarter. Invesco Ltd. increased its holdings in Four Corners Property Trust by 21.0% in the fourth quarter. Invesco Ltd. now owns 2,475,394 shares of the financial services provider’s stock valued at $72,800,000 after buying an additional 428,790 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Four Corners Property Trust by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 9,456,757 shares of the financial services provider’s stock worth $255,711,000 after purchasing an additional 312,407 shares in the last quarter. 94.65% of the stock is owned by hedge funds and other institutional investors.
About Four Corners Property Trust
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
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