Wells Fargo & Company Cuts Four Corners Property Trust (NYSE:FCPT) Price Target to $25.00

Four Corners Property Trust (NYSE:FCPT) had its price target cut by Wells Fargo & Company from $27.00 to $25.00 in a report issued on Tuesday, Marketbeat reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on the stock. Barclays lowered their target price on shares of Four Corners Property Trust from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. Wall Street Zen raised Four Corners Property Trust from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Raymond James Financial lowered their price target on Four Corners Property Trust from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Thursday, July 31st. UBS Group boosted their price objective on Four Corners Property Trust from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, August 15th. Finally, Robert W. Baird set a $29.00 target price on Four Corners Property Trust in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Four Corners Property Trust presently has a consensus rating of “Hold” and a consensus price target of $28.40.

Four Corners Property Trust Price Performance

Shares of NYSE FCPT opened at $24.03 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 22.05 and a beta of 0.88. The firm’s 50 day simple moving average is $24.18 and its 200-day simple moving average is $25.71. Four Corners Property Trust has a 12 month low of $23.05 and a 12 month high of $30.12.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $74.15 million for the quarter, compared to the consensus estimate of $71.86 million. Four Corners Property Trust had a net margin of 38.04% and a return on equity of 7.39%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.43 earnings per share. Analysts expect that Four Corners Property Trust will post 1.68 EPS for the current year.

Four Corners Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.3665 per share. This is an increase from Four Corners Property Trust’s previous quarterly dividend of $0.36. The ex-dividend date is Wednesday, December 31st. This represents a $1.47 annualized dividend and a yield of 6.1%. Four Corners Property Trust’s dividend payout ratio (DPR) is presently 130.28%.

Insider Buying and Selling at Four Corners Property Trust

In other news, Director Douglas B. Hansen bought 1,984 shares of Four Corners Property Trust stock in a transaction on Friday, October 31st. The stock was acquired at an average price of $23.64 per share, with a total value of $46,901.76. Following the completion of the acquisition, the director directly owned 78,247 shares of the company’s stock, valued at $1,849,759.08. The trade was a 2.60% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William H. Lenehan bought 7,850 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer owned 698,426 shares of the company’s stock, valued at approximately $17,740,020.40. This represents a 1.14% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Four Corners Property Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Callodine Capital Management LP acquired a new stake in shares of Four Corners Property Trust in the third quarter valued at about $18,673,000. Nuveen LLC acquired a new position in Four Corners Property Trust during the first quarter worth about $18,291,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Four Corners Property Trust by 444.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 653,350 shares of the financial services provider’s stock valued at $15,942,000 after acquiring an additional 533,408 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC raised its holdings in Four Corners Property Trust by 63.1% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,342,834 shares of the financial services provider’s stock valued at $38,539,000 after acquiring an additional 519,633 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Four Corners Property Trust in the 1st quarter valued at about $14,350,000. Institutional investors and hedge funds 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.