Four Corners Property Trust (NYSE:FCPT) Sees Unusually-High Trading Volume – Still a Buy?

Four Corners Property Trust, Inc. (NYSE:FCPT) shares saw unusually-strong trading volume on Wednesday . Approximately 339,746 shares were traded during mid-day trading, a decline of 33% from the previous session’s volume of 508,806 shares.The stock last traded at $28.30 and had previously closed at $27.93.

Analyst Ratings Changes

Several analysts recently weighed in on FCPT shares. Raymond James lifted their target price on shares of Four Corners Property Trust from $27.00 to $29.00 and gave the company an “outperform” rating in a report on Wednesday, August 21st. UBS Group started coverage on shares of Four Corners Property Trust in a report on Thursday. They issued a “buy” rating and a $33.00 target price for the company. Wells Fargo & Company reiterated an “overweight” rating and issued a $32.00 target price (up previously from $28.00) on shares of Four Corners Property Trust in a report on Tuesday, October 1st. Evercore ISI boosted their price target on shares of Four Corners Property Trust from $26.00 to $28.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, JMP Securities restated a “market perform” rating on shares of Four Corners Property Trust in a research note on Wednesday, August 28th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.50.

Four Corners Property Trust Price Performance

The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.38. The business’s fifty day moving average price is $28.95 and its 200 day moving average price is $26.80. The firm has a market capitalization of $2.70 billion, a PE ratio of 26.07 and a beta of 1.11.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.14). Four Corners Property Trust had a return on equity of 7.68% and a net margin of 37.27%. The firm had revenue of $66.79 million for the quarter, compared to analyst estimates of $63.50 million. During the same quarter last year, the firm earned $0.42 earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts forecast that Four Corners Property Trust, Inc. will post 1.66 earnings per share for the current fiscal year.

Four Corners Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.355 per share. This is a positive change from Four Corners Property Trust’s previous quarterly dividend of $0.35. This represents a $1.42 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend is Tuesday, December 31st. Four Corners Property Trust’s dividend payout ratio is presently 132.71%.

Institutional Trading of Four Corners Property Trust

Several large investors have recently modified their holdings of FCPT. Kestra Investment Management LLC purchased a new position in shares of Four Corners Property Trust during the third quarter valued at approximately $308,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Four Corners Property Trust by 539.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 687,318 shares of the financial services provider’s stock valued at $20,145,000 after buying an additional 579,849 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Four Corners Property Trust by 4.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 78,030 shares of the financial services provider’s stock valued at $2,287,000 after buying an additional 3,627 shares during the period. Prospector Partners LLC lifted its stake in shares of Four Corners Property Trust by 5.4% during the third quarter. Prospector Partners LLC now owns 19,563 shares of the financial services provider’s stock valued at $573,000 after buying an additional 1,000 shares during the period. Finally, FMR LLC lifted its stake in shares of Four Corners Property Trust by 30.6% during the third quarter. FMR LLC now owns 13,930,746 shares of the financial services provider’s stock valued at $408,310,000 after buying an additional 3,268,064 shares during the period. 98.66% of the stock is currently owned by institutional investors and hedge funds.

Four Corners Property Trust Company Profile

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.