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

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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 Friday, 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. “

A number of other analysts have also recently commented on FCPT. Evercore ISI initiated coverage on shares of Four Corners Property Trust in a research report on Friday, January 24th. They issued an “outperform” rating and a $34.00 price objective for the company. JPMorgan Chase & Co. began coverage on shares of Four Corners Property Trust in a research note on Wednesday, December 18th. They issued a “neutral” rating and a $30.00 target price for the company. Finally, Raymond James upped their target price on shares of Four Corners Property Trust from $32.00 to $35.00 and gave the stock an “outperform” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $32.00.

Shares of Four Corners Property Trust stock traded up $0.20 on Friday, hitting $32.50. 536,300 shares of the company’s stock traded hands, compared to its average volume of 430,586. The firm’s 50-day moving average price is $29.75 and its two-hundred day moving average price is $28.47. The stock has a market capitalization of $2.23 billion, a PE ratio of 30.66 and a beta of 0.11. Four Corners Property Trust has a one year low of $26.23 and a one year high of $32.50. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.08 and a quick ratio of 3.41.

Four Corners Property Trust (NYSE:FCPT) last released its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.07). Four Corners Property Trust had a net margin of 45.32% and a return on equity of 10.46%. The firm had revenue of $40.88 million during the quarter, compared to the consensus estimate of $41.10 million. During the same quarter in the prior year, the company earned $0.36 EPS. Four Corners Property Trust’s quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts forecast that Four Corners Property Trust will post 1.44 earnings per share for the current fiscal year.

In other news, General Counsel James L. Brat sold 3,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $32.08, for a total value of $96,240.00. Following the sale, the general counsel now directly owns 55,931 shares of the company’s stock, valued at approximately $1,794,266.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.71% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of FCPT. Municipal Employees Retirement System of Michigan raised its holdings in Four Corners Property Trust by 1.6% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 20,936 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 330 shares during the period. Mason Street Advisors LLC raised its holdings in Four Corners Property Trust by 1.7% in the 3rd quarter. Mason Street Advisors LLC now owns 23,232 shares of the financial services provider’s stock valued at $657,000 after acquiring an additional 399 shares during the period. Russell Investments Group Ltd. raised its holdings in Four Corners Property Trust by 2.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 20,502 shares of the financial services provider’s stock valued at $581,000 after acquiring an additional 468 shares during the period. Amalgamated Bank raised its holdings in Four Corners Property Trust by 4.1% in the 4th quarter. Amalgamated Bank now owns 13,225 shares of the financial services provider’s stock valued at $373,000 after acquiring an additional 524 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Four Corners Property Trust by 5.4% in the 4th quarter. Victory Capital Management Inc. now owns 10,258 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 528 shares during the period. 92.60% of the stock is currently owned by institutional investors.

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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