Principal Financial Group Inc. Sells 43,218 Shares of Four Corners Property Trust, Inc. $FCPT

Key Points

• Principal Financial Group trimmed its stake in Four Corners Property Trust by 2.5% in the fourth quarter, selling 43,218 shares and still holding about 1.66 million shares valued at roughly $38.4 million.
• CEO William H. Lenehan bought 3,961 shares on May 5 at $25.23 each, signaling insider confidence; insiders now own about 1.20% of the company.
• Four Corners Property Trust reported mixed first-quarter results, beating revenue expectations but missing EPS estimates, while maintaining a 5.8% dividend yield and a “Hold” consensus rating with a $28.00 average target price.

Principal Financial Group Inc. decreased its holdings in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,663,261 shares of the financial services provider's stock after selling 43,218 shares during the period. Principal Financial Group Inc. owned about 1.57% of Four Corners Property Trust worth $38,355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of FCPT. Parallel Advisors LLC lifted its stake in shares of Four Corners Property Trust by 80.1% during the 3rd quarter. Parallel Advisors LLC now owns 1,041 shares of the financial services provider's stock valued at $25,000 after buying an additional 463 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Four Corners Property Trust by 829.2% during the 4th quarter. Farther Finance Advisors LLC now owns 1,115 shares of the financial services provider's stock valued at $26,000 after buying an additional 995 shares in the last quarter. First Horizon Corp lifted its stake in shares of Four Corners Property Trust by 147.4% during the 4th quarter. First Horizon Corp now owns 1,190 shares of the financial services provider's stock valued at $27,000 after buying an additional 709 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its stake in shares of Four Corners Property Trust by 1,632.6% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the financial services provider's stock valued at $40,000 after buying an additional 1,551 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Four Corners Property Trust by 136.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,718 shares of the financial services provider's stock valued at $66,000 after buying an additional 1,570 shares in the last quarter. Institutional investors own 98.66% of the company's stock.

Insider Buying and Selling at Four Corners Property Trust

In other Four Corners Property Trust news, CEO William H. Lenehan purchased 3,961 shares of the stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average price of $25.23 per share, with a total value of $99,936.03. Following the transaction, the chief executive officer owned 775,696 shares of the company's stock, valued at approximately $19,570,810.08. This trade represents a 0.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.20% of the company's stock.

Four Corners Property Trust Price Performance

Shares of FCPT stock opened at $25.18 on Friday. Four Corners Property Trust, Inc. has a 52-week low of $22.78 and a 52-week high of $28.11. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.15 and a current ratio of 0.15. The firm has a market capitalization of $2.76 billion, a P/E ratio of 22.49 and a beta of 0.83. The stock has a 50 day moving average price of $24.98 and a 200 day moving average price of $24.39.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.14). The business had revenue of $78.17 million for the quarter, compared to the consensus estimate of $73.34 million. Four Corners Property Trust had a return on equity of 7.38% and a net margin of 38.74%.Four Corners Property Trust's 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. As a group, sell-side analysts predict that Four Corners Property Trust, Inc. will post 1.75 earnings per share for the current year.

Four Corners Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a $0.3665 dividend. This represents a $1.47 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Tuesday, March 31st. Four Corners Property Trust's dividend payout ratio is presently 131.25%.

Analyst Ratings Changes

Several analysts have commented on FCPT shares. Citizens Jmp upgraded shares of Four Corners Property Trust from a "market perform" rating to an "outperform" rating and set a $28.00 price target on the stock in a research note on Wednesday, March 25th. Barclays boosted their price target 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 started 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 target on the stock. Raymond James Financial decreased their price target 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. 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. According to data from MarketBeat, Four Corners Property Trust has a consensus rating of "Hold" and a consensus target price of $28.00.

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.

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