Four Corners Property Trust, Inc. $FCPT Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in Four Corners Property Trust, Inc. (NYSE:FCPT) by 2.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,671,928 shares of the financial services provider’s stock after acquiring an additional 68,415 shares during the period. Geode Capital Management LLC owned 2.56% of Four Corners Property Trust worth $71,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in Four Corners Property Trust during the 1st quarter worth $18,291,000. Cbre Investment Management Listed Real Assets LLC lifted its stake in shares of Four Corners Property Trust by 63.1% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,342,834 shares of the financial services provider’s stock worth $38,539,000 after buying an additional 519,633 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Four Corners Property Trust in the first quarter worth about $14,350,000. Vanguard Group Inc. boosted its position in Four Corners Property Trust by 3.7% during the first quarter. Vanguard Group Inc. now owns 11,275,334 shares of the financial services provider’s stock worth $323,602,000 after acquiring an additional 400,396 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in Four Corners Property Trust by 957.8% during the 2nd quarter. ProShare Advisors LLC now owns 241,034 shares of the financial services provider’s stock valued at $6,486,000 after acquiring an additional 218,247 shares in the last quarter. 98.66% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO William H. Lenehan acquired 7,850 shares of the company’s stock in a transaction on Friday, September 12th. The shares were bought at an average cost of $25.40 per share, with a total value of $199,390.00. Following the transaction, the chief executive officer owned 698,426 shares in the company, valued at approximately $17,740,020.40. This trade 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. Also, CAO Niccole Stewart sold 3,950 shares of the company’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $25.30, for a total value of $99,935.00. Following the transaction, the chief accounting officer directly owned 27,502 shares of the company’s stock, valued at approximately $695,800.60. This represents a 12.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Barclays decreased 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. Weiss Ratings reissued a “hold (c)” rating on shares of Four Corners Property Trust in a research note on Tuesday, October 14th. 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. Wells Fargo & Company reiterated an “equal weight” rating and set a $27.00 price target (down previously from $29.00) on shares of Four Corners Property Trust in a report on Thursday, September 11th. Finally, Robert W. Baird set a $29.00 price target on shares of Four Corners Property Trust in a research report on Wednesday, October 29th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Four Corners Property Trust presently has an average rating of “Hold” and an average price target of $28.80.

Four Corners Property Trust Trading Up 1.8%

Shares of Four Corners Property Trust stock opened at $24.00 on Friday. The stock has a 50 day moving average of $24.29 and a 200 day moving average of $25.80. 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 firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 22.01 and a beta of 0.88. Four Corners Property Trust, Inc. has a fifty-two week low of $23.05 and a fifty-two week 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 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. The business had revenue of $74.15 million for the quarter, compared to analyst estimates of $71.86 million. Four Corners Property Trust had a return on equity of 7.39% and a net margin of 38.04%.The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.43 EPS. As a group, research analysts predict that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current year.

Four Corners Property Trust Increases Dividend

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

Four Corners Property Trust Company Profile

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.