Four Corners Property Trust (NYSE:FCPT) Reaches New 52-Week Low – Here’s What Happened

Four Corners Property Trust, Inc. (NYSE:FCPT)’s stock price hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $21.27 and last traded at $21.3340, with a volume of 47912 shares. The stock had previously closed at $21.55.

Analysts Set New Price Targets

A number of brokerages have commented on FCPT. UBS Group reissued a “buy” rating and issued a $30.00 price objective on shares of Four Corners Property Trust in a research note on Thursday, July 9th. Weiss Ratings cut Four Corners Property Trust from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. reduced their price target on shares of Four Corners Property Trust from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Tuesday. 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 price objective on the stock. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $28.00 price objective on shares of Four Corners Property Trust in a report on Tuesday, August 25th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Four Corners Property Trust presently has an average rating of “Hold” and a consensus price target of $27.73.

Four Corners Property Trust Stock Up 0.3%

The company has a debt-to-equity ratio of 0.39, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a fifty day moving average price of $24.11 and a two-hundred day moving average price of $24.64. The company has a market cap of $2.34 billion, a P/E ratio of 19.18 and a beta of 0.80.

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 (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.16. The business had revenue of $78.42 million during 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%.During the same quarter in the prior year, the company posted $0.44 earnings per share. Four Corners Property Trust’s revenue was up 7.7% compared to the same quarter last year. On average, research analysts expect that Four Corners Property Trust, Inc. will post 1.76 EPS for the current year.

Four Corners Property Trust Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be paid a $0.1265 dividend. The ex-dividend date is Thursday, December 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.1%. Four Corners Property Trust’s dividend payout ratio is presently 132.43%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. IFP Advisors Inc grew its position in Four Corners Property Trust by 105.8% in the 2nd quarter. IFP Advisors Inc now owns 1,134 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 583 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Four Corners Property Trust by 326.1% during the 1st quarter. Bessemer Group Inc. now owns 1,649 shares of the financial services provider’s stock worth $39,000 after buying an additional 1,262 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Four Corners Property Trust in the 2nd quarter worth approximately $45,000. Nykredit A S purchased a new position in shares of Four Corners Property Trust in the 2nd quarter worth approximately $49,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Four Corners Property Trust by 44.1% in the first quarter. EverSource Wealth Advisors LLC now owns 2,181 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 667 shares in the last quarter. 98.66% of the stock is owned by institutional investors.

About Four Corners Property Trust

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.