Manning & Napier Advisors LLC Buys New Position in Four Corners Property Trust, Inc. $FCPT

Manning & Napier Advisors LLC purchased a new position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 300,000 shares of the financial services provider’s stock, valued at approximately $7,320,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Trust Co. of Toledo NA OH acquired a new position in shares of Four Corners Property Trust in the second quarter valued at approximately $27,000. Elevation Point Wealth Partners LLC purchased a new stake in Four Corners Property Trust in the 2nd quarter worth approximately $37,000. Smartleaf Asset Management LLC raised its holdings in Four Corners Property Trust by 31.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,728 shares of the financial services provider’s stock valued at $101,000 after acquiring an additional 883 shares during the last quarter. CWM LLC raised its holdings in Four Corners Property Trust by 85.8% in the 2nd quarter. CWM LLC now owns 5,528 shares of the financial services provider’s stock valued at $149,000 after acquiring an additional 2,553 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Four Corners Property Trust by 30.9% during the 2nd quarter. Signaturefd LLC now owns 7,555 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 1,783 shares during the period. 98.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCPT has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Four Corners Property Trust in a research report on Friday. Citigroup reissued a “market perform” rating on shares of Four Corners Property Trust in a research note on Monday, January 5th. Evercore ISI lowered their price target on Four Corners Property Trust from $29.00 to $26.00 and set an “in-line” rating for the company in a report on Monday, December 15th. Wall Street Zen raised shares of Four Corners Property Trust from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Finally, Barclays cut their price objective on shares of Four Corners Property Trust from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Monday, October 20th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Four Corners Property Trust presently has an average rating of “Hold” and a consensus target price of $28.00.

Insider Activity

In other Four Corners Property Trust news, Director Douglas B. Hansen bought 1,984 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were acquired at an average price of $23.64 per share, with a total value of $46,901.76. Following the purchase, the director owned 78,247 shares in the company, valued at approximately $1,849,759.08. The trade was a 2.60% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by insiders.

Four Corners Property Trust Price Performance

FCPT stock opened at $24.39 on Wednesday. The company has a market cap of $2.59 billion, a PE ratio of 22.38 and a beta of 0.85. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average price of $23.62 and a two-hundred day moving average price of $24.77. Four Corners Property Trust, Inc. has a 12-month low of $22.78 and a 12-month high of $29.81.

Four Corners Property Trust (NYSE:FCPT) last released its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. The business had revenue of $74.15 million for the quarter, compared to analyst estimates of $71.86 million. Four Corners Property Trust had a return on equity of 7.39% and a net margin of 38.04%.The company’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 EPS. As a group, research analysts predict that Four Corners Property Trust, Inc. will post 1.68 EPS for the current year.

Four Corners Property Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.3665 per share. This is an increase from Four Corners Property Trust’s previous quarterly dividend of $0.36. This represents a $1.47 annualized dividend and a yield of 6.0%. The ex-dividend date is Wednesday, December 31st. Four Corners Property Trust’s payout ratio is presently 134.86%.

Four Corners Property Trust Company Profile

Four Corners Property Trust is a publicly traded real estate investment trust focused on acquiring and managing single-tenant commercial properties subject to long-term, triple-net leases. The company targets industrial, manufacturing, distribution, office and retail facilities leased to creditworthy tenants. By concentrating on net-lease structures, Four Corners seeks to generate stable, predictable income streams and mitigate operating cost variability.

The firm’s core activities include sourcing off-market and broker-sourced acquisition opportunities, conducting rigorous credit and property due diligence, and structuring lease agreements that shift property taxes, insurance and maintenance expenses to tenants.