Zacks Investment Research upgraded shares of Farmland Partners (NYSE:FPI) from a sell rating to a hold rating in a research note released on Thursday.
According to Zacks, “Farmland Partners Inc. operates as a real estate company. It owns and seeks to acquire primary row crop farmland located in agricultural markets throughout North America. The substantial majority of the farms in its portfolio include primary row crops, such as corn and soybeans. Farmland Partners Inc. is based in United States. “
A number of other analysts have also recently commented on the company. ValuEngine cut Farmland Partners from a hold rating to a sell rating in a research note on Tuesday, December 18th. B. Riley cut Farmland Partners from a buy rating to a neutral rating and set a $7.50 price target for the company. in a research note on Tuesday, November 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The company has an average rating of Hold and an average price target of $8.25.
Shares of FPI stock traded down $0.06 on Thursday, reaching $5.93. The company had a trading volume of 7,103 shares, compared to its average volume of 532,896. The stock has a market cap of $183.22 million, a PE ratio of 16.53 and a beta of 0.38. Farmland Partners has a 12 month low of $4.45 and a 12 month high of $9.19.
Farmland Partners (NYSE:FPI) last announced its quarterly earnings results on Monday, November 5th. The financial services provider reported $0.02 EPS for the quarter, meeting analysts’ consensus estimates of $0.02. The company had revenue of $12.55 million during the quarter, compared to analysts’ expectations of $12.76 million. Farmland Partners had a return on equity of 2.98% and a net margin of 20.85%. Analysts anticipate that Farmland Partners will post 0.29 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Tuesday, January 1st will be given a $0.05 dividend. The ex-dividend date is Friday, December 28th. This represents a $0.20 annualized dividend and a dividend yield of 3.37%. Farmland Partners’s dividend payout ratio is presently 55.56%.
In other Farmland Partners news, CEO Paul A. Pittman acquired 11,000 shares of the firm’s stock in a transaction that occurred on Friday, December 21st. The stock was acquired at an average cost of $4.82 per share, for a total transaction of $53,020.00. Following the transaction, the chief executive officer now owns 1,237,521 shares of the company’s stock, valued at $5,964,851.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Chris A. Downey acquired 15,395 shares of the firm’s stock in a transaction that occurred on Monday, October 15th. The stock was acquired at an average price of $6.27 per share, with a total value of $96,526.65. Following the completion of the transaction, the director now directly owns 7,386 shares in the company, valued at approximately $46,310.22. The disclosure for this purchase can be found here. Insiders purchased a total of 40,145 shares of company stock valued at $228,912 over the last quarter. 10.10% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in shares of Farmland Partners by 0.5% in the 3rd quarter. BlackRock Inc. now owns 2,096,289 shares of the financial services provider’s stock valued at $14,045,000 after buying an additional 10,175 shares during the last quarter. Virtu Financial LLC boosted its holdings in shares of Farmland Partners by 90.4% in the 3rd quarter. Virtu Financial LLC now owns 27,781 shares of the financial services provider’s stock valued at $186,000 after buying an additional 13,188 shares during the last quarter. Nissay Asset Management Corp Japan ADV acquired a new stake in shares of Farmland Partners in the 3rd quarter valued at approximately $112,000. Taylor Frigon Capital Management LLC boosted its holdings in shares of Farmland Partners by 13.5% in the 3rd quarter. Taylor Frigon Capital Management LLC now owns 145,598 shares of the financial services provider’s stock valued at $975,000 after buying an additional 17,367 shares during the last quarter. Finally, Goelzer Investment Management Inc. acquired a new stake in shares of Farmland Partners in the 3rd quarter valued at approximately $129,000. Institutional investors and hedge funds own 49.50% of the company’s stock.
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 approximately 162,000 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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