Four Corners Property Trust, Inc. (NYSE:FCPT) Shares Shorted: Short Interest Down 36.3% in September

Four Corners Property Trust, Inc. (NYSE:FCPT) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 2,894,303 shares, a drop of 36.3% from the September 15th total of 4,546,919 shares. Based on an average daily trading volume, of 1,550,303 shares, the days-to-cover ratio is presently 1.9 days. Currently, 2.7% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FCPT. BlackRock Inc. bought a new stake in shares of Four Corners Property Trust in the second quarter valued at approximately $490,406,000. Bank of America Corp DE acquired a new position in Four Corners Property Trust in the 2nd quarter valued at $29,000,000. Lasalle Investment Management Securities LLC raised its holdings in Four Corners Property Trust by 79.9% in the 1st quarter. Lasalle Investment Management Securities LLC now owns 2,565,734 shares of the financial services provider’s stock valued at $60,680,000 after acquiring an additional 1,139,493 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Four Corners Property Trust in the 2nd quarter valued at $25,196,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Four Corners Property Trust by 75.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,345,427 shares of the financial services provider’s stock valued at $55,469,000 after acquiring an additional 1,010,648 shares during the period. Institutional investors own 98.66% of the company’s stock.

Four Corners Property Trust Trading Up 1.8%

Four Corners Property Trust stock opened at $21.77 on Friday. Four Corners Property Trust has a 52 week low of $20.85 and a 52 week high of $26.86. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market capitalization of $2.39 billion, a P/E ratio of 11.89 and a beta of 0.80. The stock has a 50-day simple moving average of $23.54 and a 200 day simple moving average of $24.50.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.16. The firm had revenue of $78.42 million for the quarter, compared to the consensus estimate of $79.02 million. Four Corners Property Trust had a return on equity of 7.35% and a net margin of 38.70%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 earnings per share. Analysts expect that Four Corners Property Trust will post 1.76 earnings per share for the current year.

Four Corners Property Trust Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a $0.1265 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.0%. Four Corners Property Trust’s dividend payout ratio is presently 132.43%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Jefferies Financial Group set a $28.00 price objective on Four Corners Property Trust in a report on Tuesday, August 25th. Huntington started coverage on shares of Four Corners Property Trust in a report on Wednesday, July 15th. They set an “outperform” rating and a $27.00 target price on the stock. UBS Group restated a “buy” rating and set a $30.00 target price on shares of Four Corners Property Trust in a report on Thursday, July 9th. Citigroup reaffirmed a “market outperform” rating on shares of Four Corners Property Trust in a research report on Tuesday, August 25th. Finally, Weiss Ratings cut shares of Four Corners Property Trust from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $27.73.

Four Corners Property Trust Company Profile

Four Corners Property Trust, Inc is a real estate investment trust that owns and manages a portfolio of primarily restaurant and retail properties. The company generally leases its properties to tenants under long-term, net lease agreements, under which tenants are typically responsible for property taxes, insurance and maintenance expenses.

Four Corners was formed through a 2015 spin-off from Darden Restaurants, Inc, separating Darden’s real estate assets from its restaurant operating business.