FCPT traded at $25.43, up 1.1% Friday but down 0.9% for the week. The REIT's short interest sits at 3.45% of float. Cost to borrow jumped sharply mid-week while CEO Bill Lenehan added over 20,000 shares across three March purchases. Earnings print due Tuesday after market.
Four Corners Property Trust closed at $25.43 on April 24, up 1.1% on the day. The stock slipped 0.9% over the past week but gained 6.4% in the past month. The REIT trades near the middle of its recent range.
Short interest stands at 3.66 million shares, or 3.45% of the float as of April 23. That's down 0.2% day-over-day and down 0.3% over the past week. The past month saw a 4.2% increase in shares short.
Current SI sits well below the March 31 spike to 4.73 million shares — the highest reading in the past 30 days. From that peak, short sellers have closed nearly 1.1 million shares through late April.
FINRA's fortnightly report shows 3.86 million shares short as of April 15 settlement, implying 4.5 days to cover.
Cost to borrow jumped to 0.57% on April 23, up from 0.23% on April 21. That 146% two-day spike marks the highest CTB reading since mid-April. Over the past week, CTB is down 5.2% but up 11.1% over 30 days. Borrowing costs have oscillated between 0.22% and 0.60% across the month.
Utilisation sits at 2.71%, down from 3.16% a week ago. The metric peaked at 8.19% on March 31 — the same day short interest hit its 30-day high. Today's 2.71% sits near the low end of the recent range and far below the 52-week high of 22.68%.
Put/call ratio registered 0.0658 on April 24 — the 52-week low and unchanged for three consecutive days. The 20-day mean is 0.246 with a z-score of -1.74, indicating extreme bullish sentiment relative to the recent average. The PCR has compressed sharply from 0.30–0.42 levels that held through mid-April. The 52-week high was 1.5682.
The mean target price is $28.11 across nine analysts. No consensus rating is available.
Barclays' Richard Hightower raised his target to $30 from $28 on April 21 while maintaining Equal-Weight. BMO Capital initiated coverage April 17 with Market Perform and a $27 target. Citizens' Mitch Germain upgraded to Market Outperform from Market Perform on March 25 with a $28 target. Evercore ISI's Steve Sakwa lifted his target to $27 from $26 on March 17, keeping In-Line. Raymond James' RJ Milligan cut to $28 from $29 the same day, holding Outperform.
Earlier in the year, target cuts dominated. Evercore ISI dropped to $26 from $29 in December, Wells Fargo went to $25 from $27 in November after downgrading to Equal-Weight from Overweight in September.
P/E ratio stands at 21.24, up 1.05 points over 30 days but down 0.43 over the past week. Price/book is 1.59, up 0.07 over the month but down 0.03 week-over-week. EV/EBITDA is 15.34, up modestly both weekly and monthly.
Factor scores show FCPT at the 96th percentile for dividend score. The stock ranks at the 84th percentile for 12-month forward EPS increase and 73rd for 90-day EPS momentum. Short score rank sits at 35, while DTC rank is 29. Utilisation rank is 54.
BlackRock added 730,000 shares in Q1, lifting its stake to 19.1 million (17.4% of shares). Vanguard added 345,000 to reach 12.1 million shares. FMR boosted holdings by 1.1 million to 9.7 million as of late February. State Street added 156,000 shares.
LaSalle Investment Management initiated a 1.43 million share position in Q4. Two Sigma Advisers increased by 423,400 shares to 1.53 million. Nomura trimmed by 83,000 shares to 1.78 million.
Net insider activity over 90 days shows purchases of 92,342 shares worth $2.27 million.
CEO Bill Lenehan made three open-market purchases in late February and early March: 10,080 shares at $24.73 on February 18 ($249,321), 7,865 shares at $25.49 on March 6 ($200,487), and 3,924 shares at $25.45 on March 11 ($99,847). Combined, Lenehan bought 21,869 shares for $549,655.
Chief Accounting Officer Niccole Stewart sold 2,427 shares at $25.97 on March 13 for $63,018. Director Toni Steele sold 815 shares at $24.49 in February for $19,959.
Earlier in January, four executives sold following year-end vesting: Lenehan sold 43,235 shares ($1.05 million), COO James Brat sold 8,847 shares ($215k), CFO Patrick Wernig sold 6,981 shares ($169k), and Stewart sold 8,168 shares ($198k), all at $24.28.
Four Corners reports earnings Tuesday, April 29 at 4:00 PM ET. The company has not provided price reaction data for prior earnings events in the snapshot.
Analysts recently issued three target raises in April versus two cuts in March. BMO's April 17 initiation and Citizens' March 25 upgrade suggest renewed interest. The CEO's 21,869-share March purchase spree totaling $550k came shortly after the January executive sales.
Short interest has retreated from the March 31 high but remains elevated versus early March. The cost-to-borrow spike to 0.57% mid-week followed two weeks of fluctuation. Options sentiment sits at the extreme bullish end of the 52-week range with the PCR at 0.07.
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