Four Corners Property Trust (NYSE:FCPT) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Four Corners Property Trust (NYSE:FCPT) from a hold rating to a sell rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Four Corners Property Trust, Inc. is involved in the acquisition and leasing of restaurant locations. Four Corners is headquartered in Mill Valley, CA. “

FCPT has been the subject of several other reports. Berenberg Bank raised Four Corners Property Trust from a hold rating to a buy rating in a research report on Thursday, August 1st. ValuEngine cut Four Corners Property Trust from a buy rating to a hold rating in a research report on Wednesday, July 31st. Janney Montgomery Scott began coverage on Four Corners Property Trust in a research report on Friday, June 21st. They issued a buy rating and a $32.00 price objective for the company. Barclays began coverage on Four Corners Property Trust in a research report on Wednesday, May 15th. They issued an equal weight rating and a $29.00 price objective for the company. Finally, Boenning Scattergood reissued a buy rating and issued a $30.00 price objective on shares of Four Corners Property Trust in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. Four Corners Property Trust presently has a consensus rating of Hold and an average price target of $31.40.

FCPT opened at $27.89 on Wednesday. Four Corners Property Trust has a 1-year low of $24.58 and a 1-year high of $29.85. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 19.78 and a beta of 0.18. The business has a 50 day moving average of $27.48 and a 200-day moving average of $28.22.

Four Corners Property Trust (NYSE:FCPT) last posted its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.10). Four Corners Property Trust had a net margin of 48.31% and a return on equity of 10.75%. The business had revenue of $39.57 million during the quarter, compared to the consensus estimate of $40.64 million. During the same period in the prior year, the company posted $0.35 earnings per share. The firm’s revenue was up 14.1% compared to the same quarter last year. Equities analysts predict that Four Corners Property Trust will post 1.44 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of FCPT. Invesco Ltd. raised its stake in shares of Four Corners Property Trust by 219.4% in the second quarter. Invesco Ltd. now owns 3,727,161 shares of the financial services provider’s stock valued at $101,864,000 after purchasing an additional 2,560,414 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Four Corners Property Trust by 171.7% in the second quarter. Nuveen Asset Management LLC now owns 2,359,375 shares of the financial services provider’s stock valued at $64,482,000 after purchasing an additional 1,490,954 shares in the last quarter. Balyasny Asset Management LLC raised its stake in Four Corners Property Trust by 332.0% during the second quarter. Balyasny Asset Management LLC now owns 629,130 shares of the financial services provider’s stock worth $17,194,000 after acquiring an additional 483,495 shares in the last quarter. Echo Street Capital Management LLC acquired a new position in Four Corners Property Trust during the second quarter worth $12,096,000. Finally, Vanguard Group Inc. raised its stake in Four Corners Property Trust by 3.6% during the second quarter. Vanguard Group Inc. now owns 8,053,856 shares of the financial services provider’s stock worth $220,112,000 after acquiring an additional 277,500 shares in the last quarter. Institutional investors and hedge funds own 88.05% of the company’s stock.

Four Corners Property Trust Company Profile

FCPT is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio primarily by acquiring additional real estate to lease, on a net basis, for use in the restaurant and food industry.

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