Four Corners Property Trust, Inc. $FCPT Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in Four Corners Property Trust, Inc. (NYSE:FCPT) by 5.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,569,385 shares of the financial services provider’s stock after selling 93,876 shares during the period. Principal Financial Group Inc.’s holdings in Four Corners Property Trust were worth $37,116,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Four Corners Property Trust by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 12,057,364 shares of the financial services provider’s stock worth $278,043,000 after purchasing an additional 344,852 shares during the period. State Street Corp raised its stake in shares of Four Corners Property Trust by 2.7% in the 4th quarter. State Street Corp now owns 6,001,247 shares of the financial services provider’s stock worth $140,547,000 after buying an additional 155,966 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Four Corners Property Trust by 20,354.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,615,583 shares of the financial services provider’s stock valued at $106,435,000 after buying an additional 4,593,018 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Four Corners Property Trust by 8.9% in the fourth quarter. Victory Capital Management Inc. now owns 4,251,112 shares of the financial services provider’s stock valued at $98,031,000 after buying an additional 349,048 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Four Corners Property Trust by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 2,852,968 shares of the financial services provider’s stock valued at $65,800,000 after buying an additional 110,791 shares in the last quarter. 98.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCPT has been the subject of several research reports. 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 for the company in a research report on Wednesday, March 25th. Huntington began coverage on shares of Four Corners Property Trust in a report on Wednesday. They issued an “outperform” rating and a $27.00 target price on the stock. Wells Fargo & Company increased their target price on shares of Four Corners Property Trust from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. UBS Group restated a “buy” rating and set a $30.00 target price on shares of Four Corners Property Trust in a report on Thursday, July 9th. Finally, Citigroup restated a “market outperform” rating on shares of Four Corners Property Trust in a research report on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.89.

Four Corners Property Trust Stock Down 0.2%

FCPT stock opened at $26.36 on Friday. Four Corners Property Trust, Inc. has a 52-week low of $22.78 and a 52-week high of $26.96. The company’s 50 day simple moving average is $24.92 and its 200-day simple moving average is $24.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.15 and a quick ratio of 0.15. The firm has a market capitalization of $2.89 billion, a P/E ratio of 23.54 and a beta of 0.80.

Four Corners Property Trust (NYSE:FCPT) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.14). Four Corners Property Trust had a return on equity of 7.38% and a net margin of 38.74%.The firm had revenue of $78.17 million during the quarter, compared to analyst estimates of $73.34 million. During the same period in the prior year, the business posted $0.44 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that Four Corners Property Trust, Inc. will post 1.76 EPS for the current year.

Four Corners Property Trust Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.1222 dividend. The ex-dividend date is Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. Four Corners Property Trust’s dividend payout ratio is presently 131.25%.

Insider Activity

In other Four Corners Property Trust news, CEO William H. Lenehan bought 3,961 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average price of $25.23 per share, with a total value 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. This represents a 0.51% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.