Summit Global Investments Takes $1.13 Million Position in Four Corners Property Trust, Inc. $FCPT

Summit Global Investments purchased a new position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 47,610 shares of the financial services provider’s stock, valued at approximately $1,126,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Parallel Advisors LLC grew its stake in Four Corners Property Trust by 80.1% during the 3rd quarter. Parallel Advisors LLC now owns 1,041 shares of the financial services provider’s stock worth $25,000 after buying an additional 463 shares during the last quarter. Farther Finance Advisors LLC increased its position in Four Corners Property Trust by 829.2% in the fourth quarter. Farther Finance Advisors LLC now owns 1,115 shares of the financial services provider’s stock worth $26,000 after buying an additional 995 shares during the period. First Horizon Corp lifted its stake in Four Corners Property Trust by 147.4% in the fourth quarter. First Horizon Corp now owns 1,190 shares of the financial services provider’s stock valued at $27,000 after buying an additional 709 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Four Corners Property Trust in the fourth quarter valued at $36,000. Finally, Huntington National Bank boosted its holdings in shares of Four Corners Property Trust by 114.1% during the fourth quarter. Huntington National Bank now owns 1,569 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 836 shares during the period. 98.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Four Corners Property Trust

In related news, CEO William H. Lenehan purchased 3,961 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $25.23 per share, for a total transaction of $99,936.03. Following the transaction, the chief executive officer owned 775,696 shares of the company’s stock, valued at $19,570,810.08. This represents a 0.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FCPT shares. BMO Capital Markets started coverage on shares of Four Corners Property Trust in a report on Friday, April 17th. They issued a “market perform” rating and a $27.00 price objective on the stock. Weiss Ratings raised shares of Four Corners Property Trust from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. Wells Fargo & Company upped their target price on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Barclays upped their target price on shares of Four Corners Property Trust from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 21st. Finally, Citizens Jmp upgraded shares of Four Corners Property Trust from a “market perform” rating to an “outperform” rating and set a $28.00 price target on the stock in a research note on Wednesday, March 25th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.89.

Four Corners Property Trust Trading Down 0.5%

NYSE:FCPT opened at $26.36 on Wednesday. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of 23.53 and a beta of 0.80. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.15 and a current ratio of 0.15. Four Corners Property Trust, Inc. has a 1 year low of $22.78 and a 1 year high of $26.96. The business has a fifty day moving average of $24.97 and a 200-day moving average of $24.85.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.14). The company had revenue of $78.17 million for the quarter, compared to the consensus estimate of $73.34 million. Four Corners Property Trust had a net margin of 38.74% and a return on equity of 7.38%. Four Corners Property Trust’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Equities analysts predict that Four Corners Property Trust, Inc. will post 1.76 earnings per share for the current year.

Four Corners Property Trust Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.1222 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date is Wednesday, September 30th. Four Corners Property Trust’s payout ratio is 131.25%.

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.