Four Corners Property Trust (NYSE:FCPT) Sees Strong Trading Volume – Here’s What Happened

Four Corners Property Trust, Inc. (NYSE:FCPT) saw unusually-strong trading volume on Wednesday . Approximately 837,760 shares traded hands during mid-day trading, an increase of 2% from the previous session’s volume of 817,593 shares.The stock last traded at $24.1540 and had previously closed at $23.84.

Analysts Set New Price Targets

Several research analysts have commented on FCPT shares. Raymond James Financial decreased their price objective on shares of Four Corners Property Trust from $29.00 to $28.00 and set an “outperform” rating for the company in a report on Tuesday, March 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Four Corners Property Trust in a research report on Wednesday. Citizens Jmp raised shares of Four Corners Property Trust from a “market perform” rating to an “outperform” rating and set a $28.00 price target for the company in a research note on Wednesday, March 25th. Evercore lowered their price objective on shares of Four Corners Property Trust from $29.00 to $26.00 and set an “in-line” rating for the company in a report on Monday, December 15th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Four Corners Property Trust in a research report on Monday, January 5th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.86.

Four Corners Property Trust Stock Performance

The company has a market capitalization of $2.74 billion, a PE ratio of 22.71 and a beta of 0.83. The business’s 50-day moving average is $24.87 and its 200-day moving average is $24.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.13 and a current ratio of 0.13.

Four Corners Property Trust (NYSE:FCPT) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Four Corners Property Trust had a net margin of 38.20% and a return on equity of 7.39%. The business had revenue of $75.67 million during the quarter, compared to the consensus estimate of $76.04 million. During the same quarter last year, the firm earned $0.44 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, research analysts anticipate that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current year.

Four Corners Property Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.3665 dividend. This represents a $1.47 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, March 31st. Four Corners Property Trust’s payout ratio is 133.64%.

Insider Activity at Four Corners Property Trust

In related news, CEO William H. Lenehan purchased 7,865 shares of Four Corners Property Trust stock in a transaction dated Friday, March 6th. The stock was purchased at an average cost of $25.49 per share, for a total transaction of $200,478.85. Following the completion of the acquisition, the chief executive officer directly owned 765,845 shares of the company’s stock, valued at $19,521,389.05. The trade was a 1.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Four Corners Property Trust by 20,354.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,615,583 shares of the financial services provider’s stock valued at $106,435,000 after buying an additional 4,593,018 shares during the last quarter. Lasalle Investment Management Securities LLC bought a new position in Four Corners Property Trust in the 4th quarter valued at approximately $32,889,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in Four Corners Property Trust by 1,071.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,334,779 shares of the financial services provider’s stock valued at $30,780,000 after purchasing an additional 1,220,871 shares during the last quarter. Callodine Capital Management LP bought a new stake in shares of Four Corners Property Trust in the 3rd quarter worth $18,673,000. Finally, Millennium Management LLC raised its stake in shares of Four Corners Property Trust by 478.4% in the fourth quarter. Millennium Management LLC now owns 744,787 shares of the financial services provider’s stock worth $17,175,000 after purchasing an additional 616,012 shares during the last quarter. 98.66% of the stock is owned by hedge funds and other institutional investors.

About Four Corners Property Trust

Four Corners Property Trust is a publicly traded real estate investment trust focused on acquiring and managing single-tenant commercial properties subject to long-term, triple-net leases. The company targets industrial, manufacturing, distribution, office and retail facilities leased to creditworthy tenants. By concentrating on net-lease structures, Four Corners seeks to generate stable, predictable income streams and mitigate operating cost variability.

The firm’s core activities include sourcing off-market and broker-sourced acquisition opportunities, conducting rigorous credit and property due diligence, and structuring lease agreements that shift property taxes, insurance and maintenance expenses to tenants.