Director of Four Corners Property Trust, Inc. (NYSE:FCPT), John S. Moody, recently sold a total of 7,230 shares of the company's common stock, garnering over $177,000 from the sale. The transactions took place on June 12, 2024, with the shares being sold at a weighted average price of $24.56 each.
Investors tracking insider transactions may note that the shares were sold in multiple transactions at prices ranging from $24.13 to $24.61. Following the sale, Moody retains ownership of 61,108 shares in the real estate investment trust. The company, which is based in Mill Valley, California, specializes in the ownership and acquisition of high-quality, net-leased restaurant properties.
The sale was disclosed in a regulatory filing with the Securities and Exchange Commission. Four Corners Property Trust, Inc. and its shareholders can request detailed information about the exact number of shares sold at each price point within the stated range.
For those with stakes in Four Corners Property Trust, these insider transactions can serve as a piece of the puzzle when analyzing the company's current stock performance and future prospects. The company continues to be a significant player in the real estate investment sector, with a strategic focus on properties leased to restaurant brands.
In other recent news, Four Corners Property Trust (FCPT) has reported a slight increase in funds from operations and a robust portfolio performance for the first quarter of 2024. The company's adjusted funds from operations (AFFO) rose to $0.43 per share, marking a 4.9% year-over-year improvement. FCPT's portfolio demonstrated durability with high rent collections and occupancy rates. Despite a challenging acquisition market, FCPT continued its growth by acquiring four properties and bolstering its capital position through equity issuance and term loans.
The company has also addressed potential risks associated with Red Lobster's financial situation and announced a change in its CFO position. FCPT is prepared to manage potential Red Lobster bankruptcy implications and has announced the retirement of CFO Gerry, with Patrick stepping into the role.
These recent developments underscore FCPT's disciplined approach to growth and capital allocation in a cautious acquisition environment. The company maintains a robust balance sheet, with a leverage ratio of 5.6 times net debt to adjusted EBITDA and a fixed charge coverage ratio of 4.3 times. FCPT's liquidity remains strong, with $277 million available, including $27 million in cash and $250 million of revolver capacity.
InvestingPro Insights
As stakeholders of Four Corners Property Trust, Inc. (NYSE:FCPT) analyze the recent insider stock transactions, it is essential to consider the company's financial health and market performance. With a solid market capitalization of $2.24 billion, FCPT exhibits stability in the real estate investment market. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at 22.86, reflecting investor sentiment on the value of its earnings.
Moreover, FCPT's revenue has shown robust growth over the last twelve months as of Q1 2024, with a 12.4% increase, underpinning the company's strong operational performance. This is further evidenced by a substantial gross profit margin of 84.27%, indicating efficient management and a competitive edge in its industry.
An InvestingPro Tip that investors might find particularly relevant is that analysts predict FCPT will be profitable this year, which aligns with the company's track record of profitability over the last twelve months. This tip, alongside the fact that FCPT's liquid assets exceed its short-term obligations, provides a reassuring signal of the company's financial robustness and its ability to meet immediate liabilities.
For those looking to delve deeper into FCPT's financial metrics and gain additional insights, InvestingPro offers a wealth of tips to guide investment decisions. In fact, there are several more InvestingPro Tips available for FCPT at https://www.investing.com/pro/FCPT. To access these valuable insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With these insights, investors and shareholders can better assess the implications of insider sales and the company's potential trajectory in the real estate investment sector.
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