Zacks Investment Research upgraded shares of Farmland Partners (NYSE:FPI) from a sell rating to a hold rating in a research report report published 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. “
Other equities research analysts also recently issued reports about the stock. ValuEngine raised shares of Farmland Partners from a sell rating to a hold rating in a research note on Tuesday, October 2nd. B. Riley downgraded shares of Farmland Partners from a buy rating to a neutral rating and set a $7.50 target price on the stock. in a research note on Tuesday, November 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $8.25.
Shares of FPI opened at $5.93 on Thursday. Farmland Partners has a fifty-two week low of $4.45 and a fifty-two week high of $9.19. The company has a market cap of $183.22 million, a P/E ratio of 16.47 and a beta of 0.38.
Farmland Partners (NYSE:FPI) last announced its earnings results on Monday, November 5th. The financial services provider reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. Farmland Partners had a net margin of 20.85% and a return on equity of 2.98%. The firm had revenue of $12.55 million for the quarter, compared to the consensus estimate of $12.76 million. As a group, analysts predict that Farmland Partners will post 0.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Tuesday, January 1st will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, December 28th. Farmland Partners’s dividend payout ratio is presently 55.56%.
In other news, CEO Paul A. Pittman acquired 11,000 shares of the company’s stock in a transaction on Friday, December 21st. The shares were bought at an average cost of $4.82 per share, with a total value of $53,020.00. Following the transaction, the chief executive officer now owns 1,237,521 shares in the company, valued at approximately $5,964,851.22. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John A. Good acquired 6,250 shares of the company’s stock in a transaction on Wednesday, December 26th. The stock was purchased at an average cost of $4.66 per share, for a total transaction of $29,125.00. Following the completion of the transaction, the director now owns 9,050 shares in the company, valued at approximately $42,173. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 24,750 shares of company stock worth $132,385. Insiders own 10.10% of the company’s stock.
Several large investors have recently made changes to their positions in FPI. Nissay Asset Management Corp Japan ADV purchased a new position in shares of Farmland Partners in the 3rd quarter valued at $112,000. Goelzer Investment Management Inc. purchased a new position in shares of Farmland Partners in the 3rd quarter valued at $129,000. Virtu Financial LLC grew its position 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. Creative Financial Designs Inc. ADV grew its position in shares of Farmland Partners by 375.0% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 35,771 shares of the financial services provider’s stock valued at $240,000 after buying an additional 28,240 shares during the last quarter. Finally, Vertex One Asset Management Inc. purchased a new position in shares of Farmland Partners in the 3rd quarter valued at $470,000. 49.50% of the stock is currently owned by institutional investors.
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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