North Star Investment Management Corp. reduced its holdings in Farmland Partners Inc (NYSE:FPI) by 86.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,804 shares of the financial services provider’s stock after selling 202,654 shares during the period. North Star Investment Management Corp.’s holdings in Farmland Partners were worth $206,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in FPI. Barclays PLC lifted its stake in Farmland Partners by 95.1% in the 1st quarter. Barclays PLC now owns 18,530 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 9,034 shares in the last quarter. Hilltop Holdings Inc. purchased a new stake in Farmland Partners in the 1st quarter worth about $1,021,000. Pier 88 Investment Partners LLC purchased a new stake in Farmland Partners in the 2nd quarter worth about $1,090,000. Taylor Frigon Capital Management LLC purchased a new stake in Farmland Partners in the 2nd quarter worth about $1,128,000. Finally, Global Alpha Capital Management Ltd. lifted its stake in Farmland Partners by 1.0% in the 2nd quarter. Global Alpha Capital Management Ltd. now owns 1,423,725 shares of the financial services provider’s stock worth $12,529,000 after acquiring an additional 13,400 shares in the last quarter. 51.75% of the stock is owned by hedge funds and other institutional investors.
Shares of FPI stock opened at $6.06 on Friday. Farmland Partners Inc has a fifty-two week low of $5.15 and a fifty-two week high of $9.68. The stock has a market capitalization of $220.21 million, a price-to-earnings ratio of 16.83 and a beta of 0.01.
Farmland Partners (NYSE:FPI) last issued its earnings results on Wednesday, August 8th. The financial services provider reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.04). Farmland Partners had a return on equity of 2.52% and a net margin of 18.22%. The firm had revenue of $11.42 million during the quarter, compared to analyst estimates of $12.23 million. Sell-side analysts anticipate that Farmland Partners Inc will post 0.29 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Friday, September 28th. Farmland Partners’s payout ratio is currently 55.56%.
In other news, CEO Paul A. Pittman bought 18,000 shares of the company’s stock in a transaction on Friday, August 10th. The shares were bought at an average cost of $6.49 per share, with a total value of $116,820.00. Following the transaction, the chief executive officer now directly owns 1,200,286 shares in the company, valued at approximately $7,789,856.14. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Paul A. Pittman bought 8,800 shares of the company’s stock in a transaction on Wednesday, October 10th. The stock was purchased at an average cost of $6.22 per share, for a total transaction of $54,736.00. Following the completion of the transaction, the chief executive officer now owns 1,229,521 shares in the company, valued at $7,647,620.62. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 57,589 shares of company stock worth $375,460. Insiders own 10.10% of the company’s stock.
Several brokerages recently issued reports on FPI. ValuEngine downgraded Farmland Partners from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Zacks Investment Research lowered Farmland Partners from a “hold” rating to a “sell” rating in a research report on Monday, July 16th. Raymond James raised Farmland Partners from a “market perform” rating to an “outperform” rating in a research report on Wednesday, July 18th. They noted that the move was a valuation call. Finally, B. Riley raised Farmland Partners from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $8.50 to $8.00 in a research report on Thursday, July 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $8.42.
Farmland Partners Company Profile
Farmland Partners Inc is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns over 165,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia.
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