Teacher Retirement System of Texas Sells 12,593 Shares of Four Corners Property Trust, Inc. $FCPT
Teacher Retirement System of Texas reduced its stake in Four Corners Property Trust, Inc. (NYSE:FCPT) by 45.4% in Q2, selling 12,593 shares, leaving it with 15,133 shares valued at $407,000. Other institutional investors have also adjusted their positions. Analysts have mixed ratings on FCPT, with Barclays lowering its target price from $29 to $28, while UBS raised it from $30 to $31. The stock opened at $24.18, with a market cap of $2.56 billion and a PE ratio of 22.18.
Teacher Retirement System of Texas decreased its position in Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 45.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,133 shares of the financial services provider's stock after selling 12,593 shares during the period. Teacher Retirement System of Texas' holdings in Four Corners Property Trust were worth $407,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Trust Co. of Toledo NA OH bought a new stake in shares of Four Corners Property Trust in the second quarter valued at $27,000. Costello Asset Management INC purchased a new stake in Four Corners Property Trust in the 1st quarter worth about $40,000. Brooklyn Investment Group raised its stake in Four Corners Property Trust by 1,389.5% in the 1st quarter. Brooklyn Investment Group now owns 1,698 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 1,584 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Four Corners Property Trust during the first quarter valued at about $77,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Four Corners Property Trust by 106.3% during the first quarter. Smartleaf Asset Management LLC now owns 2,845 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 1,466 shares during the last quarter. 98.66% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on FCPT. Barclays reduced their target price on shares of Four Corners Property Trust from $29.00 to $28.00 and set an "equal weight" rating for the company in a research note on Monday, October 20th. Raymond James Financial reduced their price objective on shares of Four Corners Property Trust from $31.00 to $29.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. UBS Group increased their target price on Four Corners Property Trust from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Four Corners Property Trust in a report on Tuesday, October 14th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $27.00 price objective (down from $29.00) on shares of Four Corners Property Trust in a research note on Thursday, September 11th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $28.80.
Read Our Latest Report on Four Corners Property Trust
Insider Buying and Selling at Four Corners Property Trust
In other Four Corners Property Trust news, CEO William H. Lenehan purchased 7,850 shares of the company's stock in a transaction dated Friday, September 12th. The stock was purchased at an average price of $25.40 per share, for a total transaction of $199,390.00. Following the transaction, the chief executive officer owned 698,426 shares in the company, valued at $17,740,020.40. The trade was a 1.14% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Douglas B. Hansen acquired 1,984 shares of the business's stock in a transaction dated Friday, October 31st. The shares were acquired at an average cost of $23.64 per share, with a total value of $46,901.76. Following the acquisition, the director directly owned 78,247 shares of the company's stock, valued at $1,849,759.08. This represents a 2.60% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.20% of the company's stock.
Four Corners Property Trust Stock Performance
NYSE FCPT opened at $24.18 on Tuesday. The company's 50 day simple moving average is $24.61 and its two-hundred day simple moving average is $26.03. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.12 and a quick ratio of 0.12. Four Corners Property Trust, Inc. has a 1 year low of $23.05 and a 1 year high of $30.12. The stock has a market capitalization of $2.56 billion, a PE ratio of 22.18 and a beta of 0.88.
Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.02. Four Corners Property Trust had a net margin of 38.04% and a return on equity of 7.39%. The firm had revenue of $74.15 million for the quarter, compared to analysts' expectations of $71.86 million. During the same quarter in the prior year, the firm posted $0.43 earnings per share. The business's quarterly revenue was up 10.9% on a year-over-year basis. Analysts predict that Four Corners Property Trust, Inc. will post 1.68 earnings per share for the current fiscal year.
Four Corners Property Trust Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $0.355 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.42 annualized dividend and a dividend yield of 5.9%. Four Corners Property Trust's dividend payout ratio (DPR) is presently 130.28%.
Four Corners Property Trust Profile
(Free Report)Four Corners Property Trust, Inc engages in the owning, acquisition, and leasing of properties for use in the restaurant and food-service related industries. It operates through the Real Estate Operations and Restaurant Operations segments. The Real Estate Operations segment consists of rental revenues generated by leasing restaurant properties.
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