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

Principal Financial Group Inc. lifted its stake in shares of Four Corners Property Trust, Inc. (NYSE:FCPT - Free Report) by 6.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,774,103 shares of the financial services provider's stock after purchasing an additional 102,662 shares during the quarter. Principal Financial Group Inc. owned 1.83% of Four Corners Property Trust worth $51,996,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new position in Four Corners Property Trust during the 3rd quarter valued at about $51,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Four Corners Property Trust by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,570 shares of the financial services provider's stock valued at $106,000 after acquiring an additional 921 shares during the period. Vestcor Inc purchased a new position in Four Corners Property Trust during the third quarter valued at approximately $109,000. GAMMA Investing LLC increased its holdings in Four Corners Property Trust by 24.0% during the 3rd quarter. GAMMA Investing LLC now owns 4,205 shares of the financial services provider's stock worth $123,000 after acquiring an additional 814 shares during the period. Finally, Cape ANN Savings Bank bought a new stake in Four Corners Property Trust during the 3rd quarter worth approximately $200,000. Hedge funds and other institutional investors own 98.66% of the company's stock.

Four Corners Property Trust Price Performance

NYSE FCPT traded up $0.01 during trading hours on Monday, reaching $27.17. 601,022 shares of the stock traded hands, compared to its average volume of 530,076. The stock has a 50 day simple moving average of $28.59 and a two-hundred day simple moving average of $27.66. Four Corners Property Trust, Inc. has a 1 year low of $22.38 and a 1 year high of $30.93. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.17 and a quick ratio of 0.17. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 25.39 and a beta of 1.12.

Four Corners Property Trust (NYSE:FCPT - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.27 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.14). The company had revenue of $66.79 million during the quarter, compared to analysts' expectations of $63.50 million. Four Corners Property Trust had a return on equity of 7.68% and a net margin of 37.27%. The firm's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 EPS. On average, analysts predict that Four Corners Property Trust, Inc. will post 1.66 EPS for the current fiscal 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 boost 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 (DPR) is currently 132.71%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JMP Securities restated a "market perform" rating on shares of Four Corners Property Trust in a research report on Tuesday, December 10th. Wells Fargo & Company restated an "overweight" rating and set a $32.00 target price (up from $28.00) on shares of Four Corners Property Trust in a research report on Tuesday, October 1st. Barclays started coverage on Four Corners Property Trust in a research note on Tuesday, December 17th. They issued an "equal weight" rating and a $31.00 target price on the stock. Evercore ISI lifted their price target on Four Corners Property Trust from $26.00 to $28.00 and gave the company an "in-line" rating in a research report on Wednesday, August 28th. Finally, UBS Group assumed coverage on shares of Four Corners Property Trust in a research report on Thursday, November 14th. They issued a "buy" rating and a $33.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.60.

About Four Corners Property Trust

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.