Bank of New York Mellon Corp Increases Stake in Four Corners Property Trust, Inc. (NYSE:FCPT)

Bank of New York Mellon Corp increased its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT) by 2.4% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 986,291 shares of the financial services provider’s stock after purchasing an additional 22,792 shares during the period. Bank of New York Mellon Corp owned approximately 1.07% of Four Corners Property Trust worth $24,332,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Larson Financial Group LLC boosted its position in Four Corners Property Trust by 25,000.0% during the 1st quarter. Larson Financial Group LLC now owns 1,004 shares of the financial services provider’s stock valued at $25,000 after buying an additional 1,000 shares during the period. CWM LLC boosted its position in Four Corners Property Trust by 183.5% during the 4th quarter. CWM LLC now owns 1,372 shares of the financial services provider’s stock valued at $35,000 after buying an additional 888 shares during the period. Eagle Bay Advisors LLC boosted its position in Four Corners Property Trust by 66.7% during the 4th quarter. Eagle Bay Advisors LLC now owns 1,500 shares of the financial services provider’s stock valued at $38,000 after buying an additional 600 shares during the period. Covestor Ltd boosted its position in Four Corners Property Trust by 23.2% during the 1st quarter. Covestor Ltd now owns 2,493 shares of the financial services provider’s stock valued at $61,000 after buying an additional 470 shares during the period. Finally, Blue Trust Inc. boosted its position in Four Corners Property Trust by 1,469.1% during the 2nd quarter. Blue Trust Inc. now owns 3,703 shares of the financial services provider’s stock valued at $91,000 after buying an additional 3,467 shares during the period. Hedge funds and other institutional investors own 98.66% of the company’s stock.

Four Corners Property Trust Stock Up 1.9 %

Shares of Four Corners Property Trust stock opened at $28.93 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.13 and a quick ratio of 0.13. The company has a 50-day moving average of $26.70 and a 200 day moving average of $25.00. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 27.04 and a beta of 1.10. Four Corners Property Trust, Inc. has a 1 year low of $20.51 and a 1 year high of $28.95.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.14). The business had revenue of $66.48 million during the quarter, compared to the consensus estimate of $63.70 million. Four Corners Property Trust had a return on equity of 7.72% and a net margin of 37.01%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, sell-side analysts anticipate that Four Corners Property Trust, Inc. will post 1.65 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.345 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.38 annualized dividend and a dividend yield of 4.77%. Four Corners Property Trust’s payout ratio is 128.97%.

Analysts Set New Price Targets

Several research analysts have commented on FCPT shares. Evercore ISI upped their price objective 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. Raymond James upped their price objective on shares of Four Corners Property Trust from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Wells Fargo & Company upgraded shares of Four Corners Property Trust to a “strong-buy” rating in a report on Monday, August 12th. Finally, JMP Securities restated a “market perform” rating on shares of Four Corners Property Trust in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Insider Buying and Selling

In other news, CEO William H. Lenehan acquired 6,230 shares of Four Corners Property Trust stock in a transaction on Monday, June 10th. The stock was acquired at an average cost of $24.05 per share, for a total transaction of $149,831.50. Following the purchase, the chief executive officer now owns 620,394 shares in the company, valued at $14,920,475.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO William H. Lenehan acquired 6,230 shares of Four Corners Property Trust stock in a transaction on Monday, June 10th. The stock was acquired at an average cost of $24.05 per share, for a total transaction of $149,831.50. Following the purchase, the chief executive officer now owns 620,394 shares in the company, valued at $14,920,475.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John S. Moody sold 7,230 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $24.56, for a total transaction of $177,568.80. Following the sale, the director now owns 61,108 shares of the company’s stock, valued at $1,500,812.48. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

About Four Corners Property Trust

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.