Four Corners Property (FCPT) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Four Corners Property (NYSE:FCPT) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday.

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. “

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Separately, Ladenburg Thalmann reissued a buy rating and set a $26.00 price target (down from $28.00) on shares of Four Corners Property in a report on Friday, February 23rd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $26.75.

Shares of FCPT opened at $22.37 on Wednesday. The firm has a market cap of $1,391.16, a PE ratio of 16.54 and a beta of -0.01. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.99. Four Corners Property has a one year low of $21.28 and a one year high of $26.96.

Four Corners Property (NYSE:FCPT) last issued its quarterly earnings results on Tuesday, February 20th. The financial services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.10). The business had revenue of $33.84 million for the quarter, compared to analyst estimates of $34.16 million. Four Corners Property had a net margin of 53.59% and a return on equity of 13.49%. sell-side analysts anticipate that Four Corners Property will post 1.44 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 13th. Stockholders of record on Friday, March 30th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date was Wednesday, March 28th. Four Corners Property’s dividend payout ratio (DPR) is 80.88%.

Several institutional investors and hedge funds have recently modified their holdings of FCPT. Cbre Clarion Securities LLC acquired a new position in shares of Four Corners Property during the fourth quarter valued at $12,948,000. BlackRock Inc. increased its holdings in shares of Four Corners Property by 3.2% during the fourth quarter. BlackRock Inc. now owns 9,536,390 shares of the financial services provider’s stock valued at $245,083,000 after purchasing an additional 292,699 shares during the period. Millennium Management LLC increased its holdings in shares of Four Corners Property by 186.0% during the fourth quarter. Millennium Management LLC now owns 381,846 shares of the financial services provider’s stock valued at $9,813,000 after purchasing an additional 248,356 shares during the period. Driehaus Capital Management LLC acquired a new position in shares of Four Corners Property during the fourth quarter valued at $4,572,000. Finally, Old Mutual Global Investors UK Ltd. increased its holdings in shares of Four Corners Property by 71.4% during the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 372,844 shares of the financial services provider’s stock valued at $9,582,000 after purchasing an additional 155,302 shares during the period. 88.00% of the stock is currently owned by institutional investors.

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About Four Corners Property

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

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