Franklin Resources Inc. Trims Position in Four Corners Property Trust, Inc. (NYSE:FCPT)

Franklin Resources Inc. lessened its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT) by 19.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 28,454 shares of the financial services provider’s stock after selling 6,934 shares during the period. Franklin Resources Inc.’s holdings in Four Corners Property Trust were worth $819,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. FMR LLC boosted its holdings in shares of Four Corners Property Trust by 30.6% during the 3rd quarter. FMR LLC now owns 13,930,746 shares of the financial services provider’s stock valued at $408,310,000 after purchasing an additional 3,268,064 shares during the last quarter. Earnest Partners LLC raised its position in Four Corners Property Trust by 31.3% during 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 purchasing an additional 759,749 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Four Corners Property Trust by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,357,175 shares of the financial services provider’s stock worth $69,101,000 after purchasing an additional 27,552 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Four Corners Property Trust by 6.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,774,103 shares of the financial services provider’s stock worth $51,996,000 after purchasing an additional 102,662 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Four Corners Property Trust by 4.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,518,075 shares of the financial services provider’s stock worth $44,495,000 after buying an additional 63,856 shares during the period. 98.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on FCPT shares. Wells Fargo & Company reissued an “overweight” rating and issued a $32.00 price objective (up previously from $28.00) on shares of Four Corners Property Trust in a research note on Tuesday, October 1st. Barclays began coverage on shares of Four Corners Property Trust in a report on Tuesday, December 17th. They set an “equal weight” rating and a $31.00 target price on the stock. UBS Group initiated coverage on Four Corners Property Trust in a research report on Thursday, November 14th. They set a “buy” rating and a $33.00 target price on the stock. Finally, JMP Securities reiterated a “market perform” rating on shares of Four Corners Property Trust in a report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Four Corners Property Trust has a consensus rating of “Moderate Buy” and a consensus price target of $30.60.

Four Corners Property Trust Trading Down 1.2 %

NYSE FCPT opened at $27.45 on Monday. The stock has a market cap of $2.66 billion, a P/E ratio of 25.65 and a beta of 1.12. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.38. Four Corners Property Trust, Inc. has a 12-month low of $22.38 and a 12-month high of $30.93. The company has a fifty day simple moving average of $28.43 and a two-hundred day simple moving average of $27.76.

Four Corners Property Trust (NYSE:FCPT) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.27 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $63.50 million. During the same period in the prior year, the firm posted $0.42 EPS. The business’s revenue was up 3.0% compared to the same quarter last year. On average, analysts forecast that Four Corners Property Trust, Inc. will post 1.66 earnings per share 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. Stockholders of record on Tuesday, December 31st will be paid a $0.355 dividend. This is an increase from Four Corners Property Trust’s previous quarterly dividend of $0.35. The ex-dividend date is Tuesday, December 31st. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.17%. Four Corners Property Trust’s dividend 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.