Four Corners Property Trust (NYSE:FCPT) Price Target Raised to $30.00

Four Corners Property Trust (NYSE:FCPT) had its price objective boosted by Barclays from $29.00 to $30.00 in a research report released on Friday,Benzinga reports. Barclays currently has an equal weight rating on the financial services provider’s stock.

Several other analysts have also weighed in on FCPT. UBS Group restated a “buy” rating and set a $30.00 price target on shares of Four Corners Property Trust in a report on Thursday, July 9th. Citizens Jmp reiterated a “market outperform” rating and set a $28.00 price target on shares of Four Corners Property Trust in a report on Tuesday, August 25th. Huntington began coverage on shares of Four Corners Property Trust in a research note on Wednesday, July 15th. They issued an “outperform” rating and a $27.00 price objective for the company. Wells Fargo & Company boosted their target price on Four Corners Property Trust from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday, June 1st. Finally, Citigroup restated a “market outperform” rating on shares of Four Corners Property Trust in a research report on Tuesday, August 25th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.90.

Four Corners Property Trust Stock Performance

Four Corners Property Trust stock opened at $24.96 on Friday. The company’s 50-day moving average price is $25.31 and its 200-day moving average price is $25.06. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.39. The company has a market cap of $2.74 billion, a PE ratio of 22.49 and a beta of 0.79. Four Corners Property Trust has a twelve month low of $22.78 and a twelve month high of $26.86.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.16. The firm had revenue of $78.42 million during the quarter, compared to the consensus estimate of $79.02 million. Four Corners Property Trust had a net margin of 38.70% and a return on equity of 7.35%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 EPS. On average, equities research analysts forecast that Four Corners Property Trust will post 1.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Four Corners Property Trust

A number of institutional investors have recently modified their holdings of the stock. Corient Private Wealth LP raised its stake in shares of Four Corners Property Trust by 1.7% during the second quarter. Corient Private Wealth LP now owns 112,843 shares of the financial services provider’s stock valued at $2,773,000 after acquiring an additional 1,915 shares in the last quarter. Amundi grew its stake in Four Corners Property Trust by 10.4% in the second quarter. Amundi now owns 61,058 shares of the financial services provider’s stock worth $1,499,000 after purchasing an additional 5,740 shares in the last quarter. Groupe la Francaise bought a new position in Four Corners Property Trust in the second quarter worth approximately $575,000. California State Teachers Retirement System increased its holdings in Four Corners Property Trust by 2,286.2% during the 2nd quarter. California State Teachers Retirement System now owns 3,096,909 shares of the financial services provider’s stock worth $76,029,000 after purchasing an additional 2,967,123 shares during the period. Finally, HB Wealth Management LLC purchased a new position in Four Corners Property Trust during the 2nd quarter worth $254,000. 98.66% of the stock is owned by hedge funds and other institutional investors.

About Four Corners Property Trust

Four Corners Property Trust is a publicly traded real estate investment trust focused on acquiring and managing single-tenant commercial properties subject to long-term, triple-net leases. The company targets industrial, manufacturing, distribution, office and retail facilities leased to creditworthy tenants. By concentrating on net-lease structures, Four Corners seeks to generate stable, predictable income streams and mitigate operating cost variability.

The firm’s core activities include sourcing off-market and broker-sourced acquisition opportunities, conducting rigorous credit and property due diligence, and structuring lease agreements that shift property taxes, insurance and maintenance expenses to tenants.