Brokerages Expect Farmland Partners Inc. (FPI) to Announce $0.08 Earnings Per Share
Analysts predict that Farmland Partners Inc. (NYSE:FPI) will announce earnings per share (EPS) of $0.08 for the current quarter, according to Zacks. Three analysts have made estimates for Farmland Partners’ earnings, with estimates ranging from $0.07 to $0.09. Farmland Partners posted earnings per share of ($0.06) in the same quarter last year, which would indicate a positive year-over-year growth rate of 233.3%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that Farmland Partners will report full year earnings of $0.36 per share for the current year, with EPS estimates ranging from $0.34 to $0.37. For the next fiscal year, analysts anticipate that the firm will post earnings of $0.41 per share, with EPS estimates ranging from $0.38 to $0.44. Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that follow Farmland Partners.
A number of brokerages have recently weighed in on FPI. Robert W. Baird lowered Farmland Partners from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $10.00 to $9.00 in a research note on Tuesday, August 15th. Stifel Nicolaus restated a “buy” rating and set a $10.00 price target (down previously from $11.75) on shares of Farmland Partners in a research note on Monday, June 19th. BidaskClub upgraded Farmland Partners from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 24th. Zacks Investment Research upgraded Farmland Partners from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Finally, FBR & Co lowered Farmland Partners from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $12.00 to $10.00 in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Farmland Partners presently has an average rating of “Hold” and an average price target of $10.70.
Farmland Partners (NYSE FPI) opened at 9.02 on Friday. Farmland Partners has a 52 week low of $8.06 and a 52 week high of $11.97. The company has a market cap of $293.53 million, a PE ratio of 161.07 and a beta of 0.18. The stock has a 50 day moving average of $8.83 and a 200 day moving average of $9.85.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Monday, October 2nd will be given a $0.127 dividend. The ex-dividend date is Friday, September 29th. This represents a $0.51 dividend on an annualized basis and a yield of 5.63%. Farmland Partners’s dividend payout ratio is currently 425.04%.
In other news, CEO Paul A. Pittman bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The shares were purchased 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 in the company, valued at $4,903,038.12. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Erica Borenstein bought 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the general counsel now owns 19,404 shares of the company’s stock, valued at $163,963.80. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 15,000 shares of company stock worth $130,500. 2.76% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new stake in Farmland Partners in the first quarter valued at approximately $116,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Farmland Partners in the first quarter valued at approximately $127,000. Pinnacle Associates Ltd. purchased a new stake in Farmland Partners in the first quarter valued at approximately $135,000. Alliancebernstein L.P. purchased a new stake in Farmland Partners in the first quarter valued at approximately $136,000. Finally, Nationwide Fund Advisors boosted its position in Farmland Partners by 76.5% in the first quarter. Nationwide Fund Advisors now owns 13,235 shares of the financial services provider’s stock valued at $148,000 after buying an additional 5,735 shares during the last quarter. Hedge funds and other institutional investors own 39.81% 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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