Metis Global Partners LLC Takes $280,000 Position in Four Corners Property Trust, Inc. (NYSE:FCPT)

Metis Global Partners LLC bought a new position in Four Corners Property Trust, Inc. (NYSE:FCPT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,543 shares of the financial services provider’s stock, valued at approximately $280,000.

A number of other hedge funds also recently bought and sold shares of the business. Boston Trust Walden Corp lifted its holdings in Four Corners Property Trust by 18.7% in the 2nd quarter. Boston Trust Walden Corp now owns 1,216,760 shares of the financial services provider’s stock worth $30,017,000 after buying an additional 191,259 shares during the period. Creative Planning raised its holdings in shares of Four Corners Property Trust by 13.3% during the third quarter. Creative Planning now owns 28,159 shares of the financial services provider’s stock valued at $825,000 after acquiring an additional 3,315 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Four Corners Property Trust by 1.1% during the first quarter. Vanguard Group Inc. now owns 10,635,297 shares of the financial services provider’s stock valued at $260,246,000 after acquiring an additional 116,453 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Four Corners Property Trust by 6.1% in 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 acquiring an additional 102,662 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Four Corners Property Trust in the third quarter valued at $243,000. Hedge funds and other institutional investors own 98.66% of the company’s stock.

Wall Street Analyst Weigh In

FCPT has been the subject of several research reports. Wells Fargo & Company restated an “overweight” rating and issued a $32.00 price objective (up from $28.00) on shares of Four Corners Property Trust in a report on Tuesday, October 1st. JMP Securities reiterated a “market perform” rating on shares of Four Corners Property Trust in a research report on Wednesday, August 28th. Evercore ISI raised 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. UBS Group assumed coverage on Four Corners Property Trust in a research report on Thursday, November 14th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, Raymond James increased their target price on Four Corners Property Trust from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

Four Corners Property Trust Stock Up 1.8 %

Shares of Four Corners Property Trust stock opened at $28.74 on Tuesday. Four Corners Property Trust, Inc. has a 1 year low of $22.38 and a 1 year high of $30.93. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 26.86 and a beta of 1.11. The company has a 50-day moving average of $28.93 and a 200 day moving average of $26.87. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.17 and a quick ratio of 0.17.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.27 earnings per share 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 business had revenue of $66.79 million during the quarter, compared to analysts’ expectations of $63.50 million. During the same quarter last year, the company posted $0.42 EPS. Four Corners Property Trust’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Four Corners Property Trust, Inc. will post 1.66 earnings per share for the current fiscal year.

Four Corners Property Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.355 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.42 annualized dividend and a dividend yield of 4.94%. This is an increase from Four Corners Property Trust’s previous quarterly dividend of $0.35. Four Corners Property Trust’s dividend payout ratio is presently 132.71%.

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.