Farmland Partners Inc. (FPI) Announces Quarterly Dividend of $0.13
Farmland Partners Inc. (NYSE:FPI) announced a quarterly dividend on Thursday, July 20th, Zacks reports. Stockholders of record on Monday, October 2nd will be paid a dividend of 0.127 per share by the financial services provider on Friday, October 13th. This represents a $0.51 annualized dividend and a dividend yield of 5.51%. The ex-dividend date of this dividend is Friday, September 29th.
Farmland Partners has a dividend payout ratio of 150.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Farmland Partners to earn $0.33 per share next year, which means the company may not be able to cover its $0.51 annual dividend with an expected future payout ratio of 154.5%.
Shares of Farmland Partners (FPI) traded up 3.04% during mid-day trading on Friday, hitting $9.50. 146,954 shares of the stock traded hands. The stock has a 50-day moving average of $9.13 and a 200 day moving average of $10.40. Farmland Partners has a one year low of $8.55 and a one year high of $11.98. The stock has a market cap of $305.01 million, a PE ratio of 558.82 and a beta of 0.18.
Farmland Partners (NYSE:FPI) last released its quarterly earnings results on Monday, May 8th. The financial services provider reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by $0.15. Farmland Partners had a return on equity of 1.86% and a net margin of 12.46%. The company had revenue of $7.15 million for the quarter, compared to analyst estimates of $9.34 million. Equities analysts predict that Farmland Partners will post $0.10 EPS for the current fiscal year.
A number of equities analysts have commented on the stock. FBR & Co downgraded shares of Farmland Partners from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $12.00 to $10.00 in a report on Tuesday. Zacks Investment Research raised shares of Farmland Partners from a “sell” rating to a “hold” rating in a report on Friday, May 19th. Robert W. Baird decreased their price objective on shares of Farmland Partners from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, June 16th. TheStreet raised shares of Farmland Partners from a “d” rating to a “c-” rating in a report on Monday, April 10th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $10.00 price objective (down previously from $11.75) on shares of Farmland Partners in a report on Monday, June 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $10.90.
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In other Farmland Partners news, Director Dennie Dixon Boardman sold 65,422 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $9.84, for a total value of $643,752.48. Following the sale, the director now directly owns 1,601 shares in the company, valued at $15,753.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul A. Pittman bought 5,000 shares of the business’s stock in a transaction on Friday, June 16th. The stock was bought at an average price of $8.99 per share, for a total transaction of $44,950.00. Following the completion of the purchase, the chief executive officer now directly owns 545,388 shares of the company’s stock, valued at approximately $4,903,038.12. The disclosure for this purchase can be found here. Insiders acquired 19,700 shares of company stock worth $190,402 over the last quarter. 2.76% of the stock is currently owned by company insiders.
Farmland Partners Company Profile
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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