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

Manning & Napier Advisors LLC raised its position in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) by 7.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 322,849 shares of the financial services provider’s stock after buying an additional 22,849 shares during the period. Manning & Napier Advisors LLC owned about 0.30% of Four Corners Property Trust worth $7,445,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Four Corners Property Trust by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 12,057,364 shares of the financial services provider’s stock worth $278,043,000 after buying an additional 344,852 shares during the period. State Street Corp boosted its position in shares of Four Corners Property Trust by 2.0% during the second quarter. State Street Corp now owns 5,811,410 shares of the financial services provider’s stock worth $158,408,000 after buying an additional 116,711 shares during the period. Victory Capital Management Inc. boosted its position in shares of Four Corners Property Trust by 7.2% during the third quarter. Victory Capital Management Inc. now owns 3,902,064 shares of the financial services provider’s stock worth $95,210,000 after buying an additional 262,581 shares during the period. Balyasny Asset Management L.P. boosted its position in shares of Four Corners Property Trust by 23.9% during the second quarter. Balyasny Asset Management L.P. now owns 2,159,994 shares of the financial services provider’s stock worth $58,125,000 after buying an additional 417,134 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Four Corners Property Trust by 5.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,483,048 shares of the financial services provider’s stock worth $36,186,000 after buying an additional 76,666 shares during the period. 98.66% of the stock is currently owned by hedge funds and other institutional investors.

Four Corners Property Trust Trading Down 1.1%

NYSE:FCPT opened at $25.18 on Friday. The firm has a market cap of $2.76 billion, a PE ratio of 22.49 and a beta of 0.83. The stock has a fifty day moving average price of $24.98 and a 200 day moving average price of $24.39. Four Corners Property Trust, Inc. has a 12-month low of $22.78 and a 12-month high of $28.11. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.35.

Four Corners Property Trust (NYSE:FCPT) last released its earnings results on Wednesday, April 29th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.14). Four Corners Property Trust had a net margin of 38.74% and a return on equity of 7.38%. The company had revenue of $78.17 million during the quarter, compared to analysts’ expectations of $73.34 million. During the same quarter last year, the business posted $0.44 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts anticipate that Four Corners Property Trust, Inc. will post 1.75 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.3665 per share. This represents a $1.47 annualized dividend and a yield of 5.8%. The ex-dividend date was Tuesday, March 31st. Four Corners Property Trust’s payout ratio is 131.25%.

Insider Buying and Selling

In other news, CEO William H. Lenehan purchased 7,865 shares of the stock in a transaction on Friday, March 6th. The stock was bought at an average price of $25.49 per share, for a total transaction of $200,478.85. Following the acquisition, the chief executive officer directly owned 765,845 shares of the company’s stock, valued at approximately $19,521,389.05. The trade was a 1.04% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FCPT has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Four Corners Property Trust in a research note on Wednesday, April 8th. Raymond James Financial lowered their price objective on shares of Four Corners Property Trust from $29.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, March 17th. Citizens Jmp raised shares of Four Corners Property Trust from a “market perform” rating to an “outperform” rating and set a $28.00 price objective for the company in a research note on Wednesday, March 25th. BMO Capital Markets initiated coverage on shares of Four Corners Property Trust in a research note on Friday, April 17th. They issued a “market perform” rating and a $27.00 price objective for the company. Finally, Barclays raised their price objective on shares of Four Corners Property Trust from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 21st. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Four Corners Property Trust presently has an average rating of “Hold” and an average price target of $28.00.

About Four Corners Property Trust

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.