Amalgamated Bank lowered its stake in Four Corners Property Trust, Inc. (NYSE:FCPT – Get Rating) by 4.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,683 shares of the financial services provider's stock after selling 1,685 shares during the period. Amalgamated Bank's holdings in Four Corners Property Trust were worth $938,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of FCPT. EJF Capital LLC bought a new stake in Four Corners Property Trust in the first quarter valued at approximately $4,434,000. Neuberger Berman Group LLC boosted its stake in shares of Four Corners Property Trust by 3.2% in the 1st quarter. Neuberger Berman Group LLC now owns 1,027,928 shares of the financial services provider's stock valued at $27,795,000 after purchasing an additional 32,175 shares during the last quarter. Jane Street Group LLC increased its position in shares of Four Corners Property Trust by 702.9% during the first quarter. Jane Street Group LLC now owns 61,795 shares of the financial services provider's stock worth $1,671,000 after buying an additional 54,099 shares during the period. Meiji Yasuda Asset Management Co Ltd. bought a new position in Four Corners Property Trust during the first quarter worth $366,000. Finally, Beacon Pointe Advisors LLC acquired a new position in Four Corners Property Trust in the first quarter valued at $312,000. Institutional investors and hedge funds own 94.65% of the company's stock.
Get Four Corners Property Trust alerts:Analyst Ratings Changes
Several research analysts have recently weighed in on FCPT shares. Janney Montgomery Scott lowered Four Corners Property Trust to a "neutral" rating in a research report on Tuesday, August 9th. Raymond James reduced their price objective on shares of Four Corners Property Trust from $33.00 to $30.00 and set an "outperform" rating for the company in a research report on Tuesday, September 6th. Credit Suisse Group assumed coverage on shares of Four Corners Property Trust in a research report on Wednesday, June 22nd. They set a "neutral" rating and a $26.00 target price on the stock. Evercore ISI decreased their price target on shares of Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating for the company in a research note on Tuesday. Finally, Berenberg Bank cut shares of Four Corners Property Trust from a "buy" rating to a "hold" rating and cut their price objective for the stock from $31.00 to $30.00 in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $29.00.
Four Corners Property Trust Stock Performance
FCPT opened at $23.67 on Friday. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.97. The company's fifty day moving average price is $27.49 and its two-hundred day moving average price is $27.28. Four Corners Property Trust, Inc. has a 1-year low of $23.34 and a 1-year high of $30.13. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 19.56 and a beta of 0.87.Four Corners Property Trust (NYSE:FCPT – Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.12). Four Corners Property Trust had a return on equity of 10.01% and a net margin of 44.68%. During the same quarter last year, the company posted $0.38 EPS. On average, analysts expect that Four Corners Property Trust, Inc. will post 1.58 EPS for the current fiscal year.
Four Corners Property Trust Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.333 dividend. The ex-dividend date is Thursday, September 29th. This represents a $1.33 annualized dividend and a dividend yield of 5.63%. This is an increase from Four Corners Property Trust's previous quarterly dividend of $0.33. Four Corners Property Trust's dividend payout ratio is currently 109.92%.
About Four Corners Property Trust
(Get Rating)
FCPT, headquartered in Mill Valley, CA, 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, on a net basis, for use in the restaurant and retail industries.
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