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

Wells Fargo & Company reiterated their equal weight rating on shares of Four Corners Property Trust (NYSE:FCPT) in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. The brokerage currently has a $27.00 price target on the financial services provider’s stock, down from their prior price target of $29.00.

FCPT has been the subject of several other research reports. UBS Group raised their target price on Four Corners Property Trust from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, August 15th. Raymond James Financial cut their price target on shares of 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. Finally, Barclays reduced their price objective on shares of 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 analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $29.00.

Four Corners Property Trust Stock Performance

NYSE:FCPT opened at $25.45 on Thursday. The firm has a market capitalization of $2.66 billion, a P/E ratio of 23.57 and a beta of 0.86. The business has a 50 day simple moving average of $25.97 and a 200 day simple moving average of $27.11. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.12 and a quick ratio of 0.12. Four Corners Property Trust has a 12-month low of $25.00 and a 12-month high of $30.93.

Four Corners Property Trust (NYSE:FCPT) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $72.84 million during the quarter, compared to analyst estimates of $70.27 million. Four Corners Property Trust had a net margin of 37.87% and a return on equity of 7.40%. Four Corners Property Trust’s revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 EPS. Equities research analysts predict that Four Corners Property Trust will post 1.68 EPS for the current year.

Insider Transactions at Four Corners Property Trust

In other news, CEO William H. Lenehan purchased 7,850 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was acquired at an average price of $25.40 per share, with a total value of $199,390.00. Following the purchase, the chief executive officer owned 698,426 shares in the company, valued at $17,740,020.40. This represents a 1.14% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 FCPT. Inspire Investing LLC raised its holdings in Four Corners Property Trust by 2.2% in the 2nd quarter. Inspire Investing LLC now owns 17,495 shares of the financial services provider’s stock worth $471,000 after acquiring an additional 383 shares during the period. CWM LLC boosted its holdings in Four Corners Property Trust by 15.0% during the first quarter. CWM LLC now owns 2,975 shares of the financial services provider’s stock valued at $85,000 after acquiring an additional 389 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Four Corners Property Trust by 5.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,755 shares of the financial services provider’s stock valued at $238,000 after purchasing an additional 450 shares during the last quarter. Palisades Investment Partners LLC grew its position in shares of Four Corners Property Trust by 1.5% in the first quarter. Palisades Investment Partners LLC now owns 31,762 shares of the financial services provider’s stock valued at $912,000 after purchasing an additional 459 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its stake in shares of Four Corners Property Trust by 4.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 12,988 shares of the financial services provider’s stock worth $357,000 after purchasing an additional 504 shares during the period. 98.66% of the stock is currently owned by institutional investors and hedge funds.

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.