Four Corners Property Trust (FCPT) Coverage Initiated by Analysts at Barclays

Barclays began coverage on shares of Four Corners Property Trust (NYSE:FCPT) in a report published on Wednesday morning, Benzinga reports. The brokerage issued an equal weight rating and a $29.00 price target on the financial services provider’s stock.

Other analysts have also issued research reports about the company. Zacks Investment Research lowered Four Corners Property Trust from a buy rating to a hold rating in a report on Tuesday, April 23rd. Boenning Scattergood reissued a buy rating and set a $30.00 price objective on shares of Four Corners Property Trust in a report on Wednesday, April 24th. Finally, Berenberg Bank assumed coverage on Four Corners Property Trust in a report on Tuesday, April 23rd. They set a hold rating and a $36.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $30.40.

Shares of NYSE:FCPT opened at $29.23 on Wednesday. Four Corners Property Trust has a 1-year low of $21.92 and a 1-year high of $29.85. The company has a market cap of $2.00 billion, a PE ratio of 20.88 and a beta of 0.29. The company has a current ratio of 5.78, a quick ratio of 5.78 and a debt-to-equity ratio of 0.89.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.10). Four Corners Property Trust had a return on equity of 12.63% and a net margin of 56.35%. The firm had revenue of $39.60 million for the quarter, compared to analyst estimates of $39.84 million. During the same period in the previous year, the business posted $0.34 EPS. Four Corners Property Trust’s revenue for the quarter was up 13.8% compared to the same quarter last year. Research analysts expect that Four Corners Property Trust will post 1.44 EPS for the current year.

In related news, CFO Gerald R. Morgan sold 3,000 shares of the business’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $27.41, for a total value of $82,230.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel James L. Brat sold 6,000 shares of the business’s stock in a transaction on Thursday, February 21st. The shares were sold at an average price of $27.41, for a total value of $164,460.00. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in FCPT. Norges Bank acquired a new stake in Four Corners Property Trust in the 4th quarter valued at $22,547,000. Weiss Multi Strategy Advisers LLC acquired a new stake in Four Corners Property Trust in the 4th quarter valued at $20,596,000. Oregon Public Employees Retirement Fund acquired a new stake in Four Corners Property Trust in the 4th quarter valued at $26,000. FMR LLC boosted its stake in Four Corners Property Trust by 9.1% in the 4th quarter. FMR LLC now owns 5,084,348 shares of the financial services provider’s stock valued at $133,209,000 after buying an additional 423,932 shares in the last quarter. Finally, BlackRock Inc. raised its position in Four Corners Property Trust by 2.5% in the 4th quarter. BlackRock Inc. now owns 13,091,181 shares of the financial services provider’s stock valued at $342,988,000 after purchasing an additional 320,071 shares during the last quarter. 91.93% of the stock is currently owned by institutional investors and hedge funds.

About Four Corners Property Trust

FCPT is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio primarily by acquiring additional real estate to lease, on a net basis, for use in the restaurant and food industry.

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