Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Four Corners Property Trust, Inc. $FCPT

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) by 1,071.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,334,779 shares of the financial services provider’s stock after purchasing an additional 1,220,871 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 1.26% of Four Corners Property Trust worth $30,780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FCPT. Callodine Capital Management LP purchased a new position in shares of Four Corners Property Trust during the third quarter worth $18,673,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Four Corners Property Trust by 444.7% during the third 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 worth $15,942,000 after purchasing an additional 533,408 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Four Corners Property Trust by 23.9% during the second quarter. Balyasny Asset Management L.P. now owns 2,159,994 shares of the financial services provider’s stock worth $58,125,000 after purchasing an additional 417,134 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Four Corners Property Trust by 1,927.4% during the third quarter. Qube Research & Technologies Ltd now owns 425,700 shares of the financial services provider’s stock worth $10,387,000 after purchasing an additional 404,703 shares during the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in shares of Four Corners Property Trust during the third quarter worth $7,320,000. Hedge funds and other institutional investors own 98.66% of the company’s stock.

Insider Activity

In related news, CEO William H. Lenehan bought 7,865 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were acquired at an average price of $25.49 per share, for a total transaction of $200,478.85. Following the completion of the transaction, the chief executive officer directly owned 765,845 shares in the company, valued at $19,521,389.05. This trade represents a 1.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Raymond James Financial reduced their target price 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. Citigroup reissued a “market perform” rating on shares of Four Corners Property Trust in a report on Monday, January 5th. BMO Capital Markets began coverage on shares of Four Corners Property Trust in a report on Friday. They issued a “market perform” rating for the company. Citizens Jmp raised shares of Four Corners Property Trust from a “market perform” rating to an “outperform” rating and set a $28.00 price objective for the company in a report on Wednesday, March 25th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Four Corners Property Trust in a report on Wednesday, April 8th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $27.86.

Four Corners Property Trust Stock Up 0.2%

Shares of NYSE FCPT opened at $25.11 on Friday. The company’s 50-day simple moving average is $24.89 and its 200-day simple moving average is $24.28. Four Corners Property Trust, Inc. has a 52-week low of $22.78 and a 52-week high of $28.98. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 22.82 and a beta of 0.83. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.36.

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 (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $76.04 million. During the same quarter last year, the business earned $0.44 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. Equities analysts predict that Four Corners Property Trust, Inc. will post 1.68 EPS for the current fiscal year.

Four Corners Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a $0.3665 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.47 annualized dividend and a dividend yield of 5.8%. Four Corners Property Trust’s dividend payout ratio (DPR) is 132.73%.

Four Corners Property Trust Profile

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.