Four Corners Property Trust (NYSE:FCPT) Lowered to “Hold” at Zacks Investment Research

Four Corners Property Trust (NYSE:FCPT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

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. “

FCPT has been the topic of several other research reports. Janney Montgomery Scott assumed coverage on Four Corners Property Trust in a report on Friday, June 21st. They set a “buy” rating and a $32.00 target price on the stock. Boenning Scattergood restated a “buy” rating and set a $30.00 target price on shares of Four Corners Property Trust in a report on Wednesday, April 24th. Barclays assumed coverage on Four Corners Property Trust in a report on Wednesday, May 15th. They set an “equal weight” rating and a $29.00 target price on the stock. ValuEngine cut Four Corners Property Trust from a “buy” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, Berenberg Bank upgraded Four Corners Property Trust from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $31.40.

NYSE:FCPT traded up $0.32 during trading hours on Tuesday, reaching $27.17. The company had a trading volume of 318,100 shares, compared to its average volume of 391,793. The business has a 50-day simple moving average of $27.51. Four Corners Property Trust has a one year low of $24.58 and a one year high of $29.85. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of 19.27 and a beta of 0.18. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.90.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.10). Four Corners Property Trust had a net margin of 48.31% and a return on equity of 10.75%. The company had revenue of $39.57 million during the quarter, compared to the consensus estimate of $40.64 million. During the same quarter last year, the company earned $0.35 earnings per share. The business’s revenue was up 14.1% on a year-over-year basis. As a group, equities research analysts predict that Four Corners Property Trust will post 1.45 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in FCPT. Everence Capital Management Inc. bought a new position in Four Corners Property Trust in the first quarter valued at about $274,000. California Public Employees Retirement System boosted its holdings in Four Corners Property Trust by 19.1% in the first quarter. California Public Employees Retirement System now owns 109,861 shares of the financial services provider’s stock valued at $3,252,000 after acquiring an additional 17,595 shares during the last quarter. Bank of America Corp DE boosted its holdings in Four Corners Property Trust by 11.1% in the fourth quarter. Bank of America Corp DE now owns 399,344 shares of the financial services provider’s stock valued at $10,463,000 after acquiring an additional 39,857 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Four Corners Property Trust by 3.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 962,170 shares of the financial services provider’s stock valued at $25,209,000 after acquiring an additional 27,864 shares during the last quarter. Finally, Texas Permanent School Fund boosted its holdings in Four Corners Property Trust by 4.7% in the first quarter. Texas Permanent School Fund now owns 46,408 shares of the financial services provider’s stock valued at $1,374,000 after acquiring an additional 2,070 shares during the last quarter. Institutional investors own 89.88% of the company’s stock.

Four Corners Property Trust Company Profile

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.

Recommended Story: Why is the LIBOR significant?

Get a free copy of the Zacks research report on Four Corners Property Trust (FCPT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Four Corners Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Four Corners Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.