Farmland Partners Inc. (NYSE:FPI) had its price target reduced by Robert W. Baird from $12.00 to $10.00 in a research note released on Friday. They currently have an outperform rating on the financial services provider’s stock.
Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Farmland Partners from a hold rating to a sell rating in a research report on Thursday, June 15th. TheStreet upgraded shares of Farmland Partners from a d rating to a c- rating in a research report on Monday, April 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $11.13.
Shares of Farmland Partners (NYSE FPI) opened at 8.87 on Friday. Farmland Partners has a one year low of $8.85 and a one year high of $11.98. The company has a market capitalization of $284.78 million, a price-to-earnings ratio of 521.76 and a beta of 0.18. The company’s 50 day moving average is $9.88 and its 200 day moving average is $10.72.
Farmland Partners (NYSE:FPI) last posted its quarterly earnings data on Monday, May 8th. The financial services provider reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.15. The company had revenue of $7.15 million during the quarter, compared to the consensus estimate of $9.34 million. Farmland Partners had a return on equity of 1.68% and a net margin of 12.04%. Equities research analysts predict that Farmland Partners will post $0.10 earnings per share for the current year.
The firm also recently declared a dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be given a dividend of $0.127 per share. The ex-dividend date is Wednesday, June 28th. Farmland Partners’s payout ratio is currently 510.05%.
In other Farmland Partners news, Director Dennie Dixon Boardman sold 65,422 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $9.84, for a total transaction of $643,752.48. Following the transaction, the director now directly owns 1,601 shares in the company, valued at $15,753.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Paul A. Pittman purchased 5,000 shares of Farmland Partners stock in a transaction on Friday, June 16th. The shares were acquired at an average price of $8.99 per share, for a total transaction of $44,950.00. Following the completion of the transaction, the chief executive officer now directly owns 545,388 shares of the company’s stock, valued at $4,903,038.12. The disclosure for this purchase can be found here. Insiders have acquired 21,202 shares of company stock worth $206,894 over the last quarter. Company insiders own 2.76% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sit Investment Associates Inc. boosted its position in shares of Farmland Partners by 263.9% in the first quarter. Sit Investment Associates Inc. now owns 26,475 shares of the financial services provider’s stock worth $296,000 after buying an additional 19,200 shares during the last quarter. North Star Investment Management Corp. boosted its position in shares of Farmland Partners by 10.4% in the first quarter. North Star Investment Management Corp. now owns 149,031 shares of the financial services provider’s stock worth $1,665,000 after buying an additional 14,006 shares during the last quarter. State Street Corp boosted its position in shares of Farmland Partners by 15.2% in the fourth quarter. State Street Corp now owns 164,945 shares of the financial services provider’s stock worth $1,842,000 after buying an additional 21,811 shares during the last quarter. Winslow Evans & Crocker Inc. boosted its position in shares of Farmland Partners by 1,117.7% in the first quarter. Winslow Evans & Crocker Inc. now owns 23,136 shares of the financial services provider’s stock worth $258,000 after buying an additional 21,236 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. boosted its position in shares of Farmland Partners by 4.4% in the first quarter. Uniplan Investment Counsel Inc. now owns 642,216 shares of the financial services provider’s stock worth $7,173,000 after buying an additional 26,892 shares during the last quarter. Institutional investors and hedge funds own 39.15% of the company’s stock.
About Farmland Partners
Farmland Partners, Inc is an internally managed real estate company. The Company owns and seeks to acquire farmland located in agricultural markets throughout North America. The Company is the sole member of the general partner of Farmland Partners Operating Partnership, LP (the Operating Partnership).
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