Zacks Investment Research Upgrades Four Corners Property Trust, Inc. (NYSE:FCPT) to “Buy”

Zacks Investment Research upgraded shares of Four Corners Property Trust, Inc. (NYSE:FCPT) from a hold rating to a buy rating in a research note issued to investors on Tuesday, October 17th. They currently have $29.00 target price on the financial services provider’s stock.

According to Zacks, “Four Corners Property Trust, Inc. is involved in the acquisition and leasing of restaurant locations. Four Corners is headquartered in Mill Valley, CA. “

A number of other research analysts have also recently commented on FCPT. Canaccord Genuity initiated coverage on Four Corners Property Trust in a research report on Tuesday, July 18th. They set a hold rating and a $26.00 price target on the stock. BidaskClub cut Four Corners Property Trust from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. Ladenburg Thalmann Financial Services reaffirmed a buy rating on shares of Four Corners Property Trust in a research report on Thursday, August 3rd. UBS Group AG raised Four Corners Property Trust from a market perform rating to an outperform rating in a research report on Tuesday, August 15th. Finally, Raymond James Financial, Inc. raised Four Corners Property Trust from a market perform rating to a buy rating and set a $26.00 price target on the stock in a research report on Tuesday, August 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $27.25.

Shares of Four Corners Property Trust (NYSE:FCPT) traded up 1.08% during trading on Tuesday, reaching $24.38. 447,091 shares of the company were exchanged. The company has a 50 day moving average price of $25.17 and a 200-day moving average price of $24.69. Four Corners Property Trust has a one year low of $16.71 and a one year high of $25.94. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 17.99 and a beta of 0.13.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The business had revenue of $33.20 million during the quarter, compared to the consensus estimate of $33.33 million. Four Corners Property Trust had a net margin of 63.74% and a return on equity of 17.21%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.33 EPS. Equities analysts predict that Four Corners Property Trust will post $1.03 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were issued a dividend of $0.243 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.97 dividend on an annualized basis and a yield of 3.99%. Four Corners Property Trust’s dividend payout ratio (DPR) is 71.85%.

A number of hedge funds and other institutional investors have recently made changes to their positions in FCPT. SG Americas Securities LLC bought a new position in Four Corners Property Trust in the 2nd quarter worth about $106,000. Ameritas Investment Partners Inc. bought a new position in Four Corners Property Trust in the 1st quarter worth about $119,000. Bessemer Group Inc. bought a new position in Four Corners Property Trust in the 2nd quarter worth about $188,000. Pinebridge Investments L.P. increased its stake in Four Corners Property Trust by 1.2% in the 2nd quarter. Pinebridge Investments L.P. now owns 7,908 shares of the financial services provider’s stock worth $198,000 after acquiring an additional 97 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in Four Corners Property Trust in the 2nd quarter worth about $206,000. Institutional investors and hedge funds own 87.74% of the company’s stock.

About Four Corners Property Trust

Four Corners Property Trust, Inc is a self-administered company and real estate investment trust (REIT), which owns, acquires and leases properties for use in the restaurant and food service related industries. The Company operates through two segments: real estate operations and restaurant operations.

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