Principal Financial Group Inc. Decreases Stake in Four Corners Property Trust, Inc. $FCPT

Principal Financial Group Inc. lowered its stake in Four Corners Property Trust, Inc. (NYSE:FCPT) by 2.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,663,261 shares of the financial services provider’s stock after selling 43,218 shares during the period. Principal Financial Group Inc.’s holdings in Four Corners Property Trust were worth $38,355,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCPT. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Four Corners Property Trust by 1,071.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,334,779 shares of the financial services provider’s stock worth $30,780,000 after acquiring an additional 1,220,871 shares during the period. Callodine Capital Management LP acquired a new stake in shares of Four Corners Property Trust in the third quarter worth $18,673,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Four Corners Property Trust by 444.7% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 653,350 shares of the financial services provider’s stock worth $15,942,000 after acquiring an additional 533,408 shares during the period. Balyasny Asset Management L.P. increased its stake in shares of Four Corners Property Trust by 23.9% in the second quarter. Balyasny Asset Management L.P. now owns 2,159,994 shares of the financial services provider’s stock worth $58,125,000 after acquiring an additional 417,134 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in shares of Four Corners Property Trust by 1,927.4% in the third quarter. Qube Research & Technologies Ltd now owns 425,700 shares of the financial services provider’s stock worth $10,387,000 after acquiring an additional 404,703 shares during the period. Hedge funds and other institutional investors own 98.66% of the company’s stock.

Four Corners Property Trust Stock Performance

NYSE:FCPT opened at $25.18 on Friday. The company’s 50-day moving average price is $24.98 and its 200-day moving average price is $24.39. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.35. The company has a market cap of $2.76 billion, a P/E ratio of 22.49 and a beta of 0.83. Four Corners Property Trust, Inc. has a twelve month low of $22.78 and a twelve month high of $28.11.

Four Corners Property Trust (NYSE:FCPT) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.14). The business had revenue of $78.17 million during the quarter, compared to analysts’ expectations of $73.34 million. Four Corners Property Trust had a return on equity of 7.38% and a net margin of 38.74%.The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. On average, sell-side analysts forecast that Four Corners Property Trust, Inc. will post 1.75 earnings per share for the current fiscal year.

Four Corners Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $0.3665 per share. The ex-dividend date was Tuesday, March 31st. This represents a $1.47 dividend on an annualized basis and a dividend yield of 5.8%. Four Corners Property Trust’s dividend payout ratio (DPR) is currently 131.25%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citizens Jmp upgraded shares of Four Corners Property Trust from a “market perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a research note on Wednesday, March 25th. Raymond James Financial cut their price objective on shares of Four Corners Property Trust from $29.00 to $28.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 17th. Barclays increased their price objective on shares of Four Corners Property Trust from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 21st. BMO Capital Markets assumed coverage on shares of Four Corners Property Trust in a research note on Friday, April 17th. They issued a “market perform” rating and a $27.00 price objective on the stock. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Four Corners Property Trust in a research note on Wednesday, April 8th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $28.00.

Insider Buying and Selling at Four Corners Property Trust

In related news, CEO William H. Lenehan purchased 3,961 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $25.23 per share, for a total transaction of $99,936.03. Following the completion of the transaction, the chief executive officer directly owned 775,696 shares in the company, valued at approximately $19,570,810.08. The trade was a 0.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 1.20% of the stock is currently owned by corporate insiders.

Four Corners Property Trust Profile

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.