MQS Management LLC Sells 26,546 Shares of Four Corners Property Trust, Inc. $FCPT

MQS Management LLC reduced its stake in Four Corners Property Trust, Inc. (NYSE:FCPT) by 57.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,869 shares of the financial services provider’s stock after selling 26,546 shares during the quarter. MQS Management LLC’s holdings in Four Corners Property Trust were worth $535,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FCPT. Massachusetts Financial Services Co. MA bought a new stake in shares of Four Corners Property Trust in the 1st quarter worth approximately $33,515,000. Nuveen LLC purchased a new position in Four Corners Property Trust in the 1st quarter worth approximately $18,291,000. Cbre Investment Management Listed Real Assets LLC raised its holdings in Four Corners Property Trust by 63.1% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,342,834 shares of the financial services provider’s stock worth $38,539,000 after acquiring an additional 519,633 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Four Corners Property Trust in the 1st quarter worth approximately $14,350,000. Finally, Vanguard Group Inc. raised its holdings in Four Corners Property Trust by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 11,275,334 shares of the financial services provider’s stock worth $323,602,000 after acquiring an additional 400,396 shares during the last quarter. 98.66% of the stock is owned by institutional investors.

Four Corners Property Trust Price Performance

Shares of FCPT opened at $24.46 on Friday. The firm has a market cap of $2.56 billion, a PE ratio of 22.65 and a beta of 0.87. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.39. The firm has a fifty day simple moving average of $25.02 and a two-hundred day simple moving average of $26.34. Four Corners Property Trust, Inc. has a 1-year low of $23.64 and a 1-year high of $30.12.

Four Corners Property Trust (NYSE:FCPT) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The business had revenue of $72.84 million during the quarter, compared to analyst estimates of $70.27 million. Four Corners Property Trust had a net margin of 37.87% and a return on equity of 7.40%. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.43 EPS. On average, equities analysts anticipate that Four Corners Property Trust, Inc. will post 1.68 EPS for the current year.

Four Corners Property Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.355 per share. The ex-dividend date was Tuesday, September 30th. This represents a $1.42 dividend on an annualized basis and a yield of 5.8%. Four Corners Property Trust’s payout ratio is currently 131.48%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Barclays decreased their price objective on shares of Four Corners Property Trust from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Four Corners Property Trust in a report on Tuesday, October 14th. Wall Street Zen upgraded shares of Four Corners Property Trust from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Wells Fargo & Company restated an “equal weight” rating and issued a $27.00 price objective (down from $29.00) on shares of Four Corners Property Trust in a report on Thursday, September 11th. Finally, Raymond James Financial decreased their price objective on shares of Four Corners Property Trust from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $28.75.

Insiders Place Their Bets

In related news, CEO William H. Lenehan bought 7,850 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was acquired at an average cost of $25.40 per share, for a total transaction of $199,390.00. Following the purchase, the chief executive officer owned 698,426 shares in the company, valued at approximately $17,740,020.40. This represents a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Niccole Stewart sold 3,950 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $25.30, for a total value of $99,935.00. Following the completion of the sale, the chief accounting officer owned 27,502 shares of the company’s stock, valued at $695,800.60. This trade represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.

About Four Corners Property Trust

Four Corners Property Trust, Inc engages in the owning, acquisition, and leasing of properties for use in the restaurant and food-service related industries. It operates through the Real Estate Operations and Restaurant Operations segments. The Real Estate Operations segment consists of rental revenues generated by leasing restaurant properties.