Principal Financial Group Inc. Boosts Holdings in Four Corners Property Trust, Inc. (NYSE:FCPT)

Principal Financial Group Inc. increased its holdings in Four Corners Property Trust, Inc. (NYSE:FCPT) by 6.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,774,103 shares of the financial services provider’s stock after acquiring an additional 102,662 shares during the quarter. Principal Financial Group Inc.’s holdings in Four Corners Property Trust were worth $51,996,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Louisiana State Employees Retirement System raised its holdings in shares of Four Corners Property Trust by 3.1% during the second quarter. Louisiana State Employees Retirement System now owns 46,300 shares of the financial services provider’s stock worth $1,142,000 after purchasing an additional 1,400 shares during the period. Bank of New York Mellon Corp raised its position in shares of Four Corners Property Trust by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 986,291 shares of the financial services provider’s stock worth $24,332,000 after buying an additional 22,792 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Four Corners Property Trust by 5.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 74,403 shares of the financial services provider’s stock worth $1,836,000 after purchasing an additional 3,597 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Four Corners Property Trust by 12.4% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,934 shares of the financial services provider’s stock worth $812,000 after acquiring an additional 3,636 shares during the period. Finally, Van ECK Associates Corp grew its stake in shares of Four Corners Property Trust by 8.2% in the 2nd quarter. Van ECK Associates Corp now owns 14,037 shares of the financial services provider’s stock worth $346,000 after purchasing an additional 1,059 shares during the last quarter. 98.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCPT has been the topic of a number of recent research reports. Wells Fargo & Company restated an “overweight” rating and issued a $32.00 target price (up from $28.00) on shares of Four Corners Property Trust in a report on Tuesday, October 1st. JMP Securities restated a “market perform” rating on shares of Four Corners Property Trust in a research report on Tuesday, December 10th. UBS Group began coverage on Four Corners Property Trust in a research report on Thursday, November 14th. They issued a “buy” rating and a $33.00 target price on the stock. Evercore ISI increased their price target on shares of Four Corners Property Trust from $26.00 to $28.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, Barclays began coverage on Four Corners Property Trust in a research note on Tuesday, December 17th. They issued an “equal weight” rating and a $31.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.60.

Four Corners Property Trust Stock Up 1.6 %

FCPT stock opened at $27.16 on Monday. The company has a market cap of $2.63 billion, a PE ratio of 25.38 and a beta of 1.12. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.38. Four Corners Property Trust, Inc. has a twelve month low of $22.38 and a twelve month high of $30.93. The business’s 50-day simple moving average is $28.62 and its 200 day simple moving average is $27.65.

Four Corners Property Trust (NYSE:FCPT) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.14). Four Corners Property Trust had a net margin of 37.27% and a return on equity of 7.68%. The business had revenue of $66.79 million for the quarter, compared to analyst estimates of $63.50 million. During the same quarter last year, the firm posted $0.42 earnings per share. Four Corners Property Trust’s revenue was up 3.0% on a year-over-year basis. On average, research analysts anticipate that Four Corners Property Trust, Inc. will post 1.66 earnings per share for the current year.

Four Corners Property Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.355 dividend. This is a positive change from Four Corners Property Trust’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.42 annualized dividend and a dividend yield of 5.23%. Four Corners Property Trust’s dividend payout ratio is presently 132.71%.

Four Corners Property Trust Company Profile

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.