Farmland Partners Inc. (FPI) Receives Consensus Recommendation of “Hold” from Brokerages
Farmland Partners Inc. (NYSE:FPI) has been assigned an average rating of “Hold” from the seven brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $10.13.
A number of brokerages have issued reports on FPI. BidaskClub raised shares of Farmland Partners from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 24th. Robert W. Baird downgraded shares of Farmland Partners from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $9.00 in a research report on Tuesday, August 15th. Zacks Investment Research raised shares of Farmland Partners from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. FBR & Co downgraded shares of Farmland Partners from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $12.00 to $10.00 in a research report on Tuesday, July 18th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $10.00 target price (down from $11.75) on shares of Farmland Partners in a research report on Monday, June 19th.
Farmland Partners (NYSE FPI) opened at 8.90 on Wednesday. Farmland Partners has a one year low of $8.06 and a one year high of $11.97. The stock has a 50 day moving average price of $8.81 and a 200 day moving average price of $9.86. The company has a market cap of $289.62 million, a PE ratio of 158.93 and a beta of 0.18.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Monday, October 2nd will be paid a dividend of $0.127 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date of this dividend is Friday, September 29th. Farmland Partners’s payout ratio is currently 425.04%.
In other news, CEO Paul A. Pittman bought 5,000 shares of the stock in a transaction on Friday, June 16th. The shares were acquired at an average cost of $8.99 per share, for a total transaction of $44,950.00. Following 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Erica Borenstein bought 3,000 shares of the stock in a transaction on Thursday, August 17th. The stock was purchased at an average price of $8.45 per share, for a total transaction of $25,350.00. Following the completion of the purchase, the general counsel now directly owns 19,404 shares in the company, valued at $163,963.80. The disclosure for this purchase can be found here. Insiders have purchased a total of 15,000 shares of company stock worth $130,500 over the last 90 days. 2.76% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Metropolitan Life Insurance Co. NY lifted its stake in Farmland Partners by 2,092.6% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 20,852 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 19,901 shares in the last quarter. Schnieders Capital Management LLC lifted its stake in Farmland Partners by 2.6% in the 2nd quarter. Schnieders Capital Management LLC now owns 39,615 shares of the financial services provider’s stock worth $354,000 after purchasing an additional 1,000 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Farmland Partners in the 1st quarter worth approximately $127,000. Uniplan Investment Counsel Inc. lifted its stake in Farmland Partners by 4.4% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 642,216 shares of the financial services provider’s stock worth $7,173,000 after purchasing an additional 26,892 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Farmland Partners by 105.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 27,931 shares of the financial services provider’s stock worth $312,000 after purchasing an additional 14,337 shares in the last quarter. Institutional investors and hedge funds own 39.81% of the company’s stock.
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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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