Callodine Capital Management LP Takes Position in Four Corners Property Trust, Inc. $FCPT

Callodine Capital Management LP bought a new stake in shares of Four Corners Property Trust, Inc. (NYSE:FCPT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 765,275 shares of the financial services provider’s stock, valued at approximately $18,673,000. Four Corners Property Trust makes up about 1.6% of Callodine Capital Management LP’s holdings, making the stock its 24th largest position. Callodine Capital Management LP owned about 0.72% of Four Corners Property Trust as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership purchased a new stake in Four Corners Property Trust in the 3rd quarter worth $1,028,000. Sei Investments Co. lifted its holdings in Four Corners Property Trust by 3.8% during the third quarter. Sei Investments Co. now owns 32,582 shares of the financial services provider’s stock valued at $795,000 after purchasing an additional 1,199 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Four Corners Property Trust by 26.1% in the third quarter. BNP Paribas Financial Markets now owns 68,663 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 14,194 shares during the period. Van ECK Associates Corp grew its position in shares of Four Corners Property Trust by 10.8% in the third quarter. Van ECK Associates Corp now owns 24,340 shares of the financial services provider’s stock valued at $594,000 after purchasing an additional 2,371 shares during the period. Finally, Swiss National Bank increased its stake in shares of Four Corners Property Trust by 2.0% during the third quarter. Swiss National Bank now owns 194,707 shares of the financial services provider’s stock worth $4,751,000 after purchasing an additional 3,800 shares in the last quarter. Institutional investors and hedge funds own 98.66% of the company’s stock.

Analysts Set New Price Targets

FCPT has been the subject of several research analyst reports. Evercore reduced their price target on shares of Four Corners Property Trust from $29.00 to $26.00 and set an “in-line” rating for the company in a research report on Monday, December 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Four Corners Property Trust in a report on Friday, January 9th. Wells Fargo & Company cut their price objective on Four Corners Property Trust from $27.00 to $25.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 25th. Finally, Citigroup reissued a “market perform” rating on shares of Four Corners Property Trust in a report on Monday, January 5th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $28.00.

Four Corners Property Trust Stock Down 0.6%

Shares of FCPT opened at $25.63 on Friday. Four Corners Property Trust, Inc. has a 52-week low of $22.78 and a 52-week high of $28.98. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.36. The stock has a fifty day simple moving average of $24.85 and a two-hundred day simple moving average of $24.45. The company has a market capitalization of $2.81 billion, a PE ratio of 23.30 and a beta of 0.82.

Four Corners Property Trust (NYSE:FCPT) last announced its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. Four Corners Property Trust had a net margin of 38.20% and a return on equity of 7.39%. The firm had revenue of $75.67 million for the quarter, compared to analysts’ expectations of $76.04 million. During the same quarter in the previous year, the company posted $0.44 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts forecast that Four Corners Property Trust, Inc. will post 1.68 EPS for the current year.

Four Corners Property Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.3665 dividend. This represents a $1.47 annualized dividend and a yield of 5.7%. The ex-dividend date is Tuesday, March 31st. Four Corners Property Trust’s payout ratio is presently 133.64%.

Insiders Place Their Bets

In other news, CEO William H. Lenehan purchased 7,865 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was acquired at an average price of $25.49 per share, with a total value of $200,478.85. Following the purchase, the chief executive officer directly owned 765,845 shares in the company, valued at approximately $19,521,389.05. This represents a 1.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 1.20% of the stock is owned by insiders.

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.