Geode Capital Management LLC Increases Stock Holdings in Four Corners Property Trust, Inc. (NYSE:FCPT)

Geode Capital Management LLC grew its position in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 1.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,357,175 shares of the financial services provider's stock after acquiring an additional 27,552 shares during the period. Geode Capital Management LLC owned about 2.44% of Four Corners Property Trust worth $69,101,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Truvestments Capital LLC purchased a new position in Four Corners Property Trust in the 3rd quarter valued at about $51,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Four Corners Property Trust by 34.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,570 shares of the financial services provider's stock valued at $106,000 after acquiring an additional 921 shares during the last quarter. Vestcor Inc purchased a new position in Four Corners Property Trust in the 3rd quarter worth approximately $109,000. GAMMA Investing LLC lifted its position in Four Corners Property Trust by 24.0% during the third quarter. GAMMA Investing LLC now owns 4,205 shares of the financial services provider's stock worth $123,000 after buying an additional 814 shares in the last quarter. Finally, Cape ANN Savings Bank purchased a new stake in Four Corners Property Trust in the 3rd quarter valued at $200,000. 98.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FCPT shares. JMP Securities restated a "market perform" rating on shares of Four Corners Property Trust in a research report on Tuesday, December 10th. UBS Group assumed coverage on Four Corners Property Trust in a report on Thursday, November 14th. They set a "buy" rating and a $33.00 target price for the company. Barclays started coverage on Four Corners Property Trust in a research note on Tuesday, December 17th. They issued an "equal weight" rating and a $31.00 price objective on the stock. Evercore ISI boosted their price target on shares of Four Corners Property Trust from $26.00 to $28.00 and gave the stock an "in-line" rating in a report on Wednesday, August 28th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $32.00 price objective (up previously from $28.00) on shares of Four Corners Property Trust in a report on Tuesday, October 1st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $30.60.

Four Corners Property Trust Stock Performance

Shares of NYSE:FCPT traded up $0.42 on Friday, reaching $27.16. The company's stock had a trading volume of 3,228,928 shares, compared to its average volume of 529,788. The stock's 50-day moving average is $28.62 and its two-hundred day moving average is $27.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.17 and a quick ratio of 0.17. The stock has a market capitalization of $2.63 billion, a P/E ratio of 25.38 and a beta of 1.12. Four Corners Property Trust, Inc. has a 52-week low of $22.38 and a 52-week high of $30.93.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.27 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.14). Four Corners Property Trust had a return on equity of 7.68% and a net margin of 37.27%. The firm had revenue of $66.79 million during the quarter, compared to analyst estimates of $63.50 million. During the same quarter last year, the business posted $0.42 EPS. The firm's revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts forecast that Four Corners Property Trust, Inc. will post 1.66 EPS for the current year.

Four Corners Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.355 per share. This is a positive change from Four Corners Property Trust's previous quarterly dividend of $0.35. This represents a $1.42 annualized dividend and a dividend yield of 5.23%. The ex-dividend date of this dividend is Tuesday, December 31st. Four Corners Property Trust's payout ratio is presently 132.71%.

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.