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Farmland Partners (NYSE:FPI) shares dropped 5% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings, StockRatingsNetwork reports. The stock traded as low as $10.21 and last traded at $10.35, with a volume of 134,923 shares. The stock had previously closed at $10.90.

The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by $0.03.

The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.105 per share. This represents a $0.42 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Monday, September 29th.

Separately, analysts at BMO Capital Markets initiated coverage on shares of Farmland Partners in a research note on Monday, May 19th. They set an “outperform” rating and a $15.00 price target on the stock.

The stock has a 50-day moving average of $12.40 and a 200-day moving average of $12.81. The company’s market cap is $81.0 million.

Farmland Partners Inc is an internally managed real estate company that owns and seeks to acquire primary row crop farmland located in agricultural markets throughout North America.

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