Four Corners Property Trust, Inc. (NYSE:FCPT) Sees Significant Decrease in Short Interest

Four Corners Property Trust, Inc. (NYSE:FCPT) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 2,750,000 shares, a drop of 9.8% from the September 30th total of 3,050,000 shares. Based on an average daily volume of 579,500 shares, the days-to-cover ratio is presently 4.7 days.

Hedge Funds Weigh In On Four Corners Property Trust

A number of large investors have recently modified their holdings of the stock. Earnest Partners LLC boosted its holdings in Four Corners Property Trust by 31.3% in the second quarter. Earnest Partners LLC now owns 3,188,779 shares of the financial services provider’s stock valued at $78,667,000 after acquiring an additional 759,749 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of Four Corners Property Trust by 26.7% during the 1st quarter. William Blair Investment Management LLC now owns 1,410,376 shares of the financial services provider’s stock worth $34,512,000 after buying an additional 297,300 shares during the period. Boston Trust Walden Corp lifted its holdings in Four Corners Property Trust by 18.7% in the second quarter. Boston Trust Walden Corp now owns 1,216,760 shares of the financial services provider’s stock valued at $30,017,000 after buying an additional 191,259 shares during the period. Vanguard Group Inc. boosted its position in shares of Four Corners Property Trust by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 10,635,297 shares of the financial services provider’s stock worth $260,246,000 after purchasing an additional 116,453 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Four Corners Property Trust by 6.1% during the third quarter. Principal Financial Group Inc. now owns 1,774,103 shares of the financial services provider’s stock worth $51,996,000 after buying an additional 102,662 shares during the last quarter. 98.66% of the stock is currently owned by institutional investors and hedge funds.

Four Corners Property Trust Price Performance

Shares of FCPT stock traded down $0.32 during trading hours on Thursday, hitting $27.56. The company had a trading volume of 863,741 shares, compared to its average volume of 501,852. The firm’s fifty day moving average is $29.02 and its 200 day moving average is $26.47. Four Corners Property Trust has a 12 month low of $20.89 and a 12 month high of $30.93. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 26.18 and a beta of 1.10. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.13 and a current ratio of 0.13.

Four Corners Property Trust (NYSE:FCPT) last issued its earnings results on Wednesday, July 31st. The financial services provider reported $0.27 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.14). The firm had revenue of $66.48 million during the quarter, compared to analyst estimates of $63.70 million. Four Corners Property Trust had a net margin of 37.01% and a return on equity of 7.72%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 EPS. On average, sell-side analysts predict that Four Corners Property Trust will post 1.66 EPS for the current fiscal year.

Four Corners Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.345 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.38 dividend on an annualized basis and a yield of 5.01%. Four Corners Property Trust’s dividend payout ratio (DPR) is presently 128.97%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FCPT. Wells Fargo & Company reissued an “overweight” rating and set a $32.00 price objective (up previously from $28.00) on shares of Four Corners Property Trust in a research report on Tuesday, October 1st. JMP Securities restated a “market perform” rating on shares of Four Corners Property Trust in a research report on Wednesday, August 28th. Evercore ISI upped their target price on Four Corners Property Trust from $26.00 to $28.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Finally, Raymond James boosted their price target 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.

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.