Analysts predict that Farmland Partners Inc. (NYSE:FPI) will report $0.06 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Farmland Partners’ earnings, with estimates ranging from $0.04 to $0.08. Farmland Partners posted earnings of ($0.06) per share in the same quarter last year, which suggests a positive year-over-year growth rate of 200%. The business is scheduled to issue its next quarterly earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that Farmland Partners will report full year earnings of $0.31 per share for the current year, with EPS estimates ranging from $0.27 to $0.35. For the next financial year, analysts expect that the firm will post earnings of $0.42 per share, with EPS estimates ranging from $0.30 to $0.50. Zacks’ earnings per share calculations are an average based on a survey of research firms that follow Farmland Partners.
A number of research firms have commented on FPI. Zacks Investment Research upgraded shares of Farmland Partners from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Raymond James Financial, Inc. initiated coverage on shares of Farmland Partners in a report on Monday, September 18th. They issued a “market perform” rating for the company. Robert W. Baird cut shares of Farmland Partners from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $10.00 to $9.00 in a report on Tuesday, August 15th. Stifel Nicolaus reiterated a “buy” rating and set a $9.25 price objective (down from $10.00) on shares of Farmland Partners in a report on Monday, September 25th. Finally, BidaskClub upgraded shares of Farmland Partners from a “strong sell” rating to a “sell” rating in a report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $9.95.
Shares of Farmland Partners (NYSE FPI) traded up 0.33% during trading on Tuesday, reaching $9.01. 69,778 shares of the company were exchanged. The stock’s 50-day moving average is $8.99 and its 200-day moving average is $9.48. The firm has a market cap of $293.20 million, a price-to-earnings ratio of 160.89 and a beta of 0.20. Farmland Partners has a 52-week low of $8.06 and a 52-week high of $11.97.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Monday, October 2nd were issued a dividend of $0.127 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date was Friday, September 29th. Farmland Partners’s dividend payout ratio is currently 425.04%.
In other Farmland Partners news, Chairman Paul A. Pittman acquired 3,000 shares of Farmland Partners stock in a transaction dated Friday, August 18th. The stock was purchased at an average cost of $8.40 per share, for a total transaction of $25,200.00. Following the completion of the acquisition, the chairman now directly owns 1,084,615 shares of the company’s stock, valued at $9,110,766. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have bought 8,000 shares of company stock valued at $67,450 over the last quarter. Corporate insiders own 2.76% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in shares of Farmland Partners by 9.3% during the second quarter. California State Teachers Retirement System now owns 56,508 shares of the financial services provider’s stock valued at $505,000 after buying an additional 4,800 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Farmland Partners by 12.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 12,808 shares of the financial services provider’s stock valued at $115,000 after buying an additional 1,398 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Farmland Partners by 83.8% during the second quarter. The Manufacturers Life Insurance Company now owns 28,490 shares of the financial services provider’s stock valued at $255,000 after buying an additional 12,989 shares during the last quarter. State Street Corp grew its holdings in shares of Farmland Partners by 16.4% during the second quarter. State Street Corp now owns 543,030 shares of the financial services provider’s stock valued at $4,856,000 after buying an additional 76,673 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Farmland Partners by 31.9% during the second quarter. Royal Bank of Canada now owns 17,014 shares of the financial services provider’s stock valued at $152,000 after buying an additional 4,119 shares during the last quarter. Hedge funds and other institutional investors own 39.80% 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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