Farmland Partners (NYSE:FPI) updated its FY 2018 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.30-0.34 for the period.
A number of equities research analysts have weighed in on the stock. ValuEngine raised shares of Farmland Partners from a strong sell rating to a sell rating in a report on Tuesday, August 14th. Raymond James raised shares of Farmland Partners from a market perform rating to an outperform rating in a report on Wednesday, July 18th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Farmland Partners from a hold rating to a sell rating in a report on Monday, July 16th. Finally, B. Riley raised shares of Farmland Partners from a neutral rating to a buy rating and reduced their target price for the stock from $8.50 to $8.00 in a report on Thursday, July 12th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Farmland Partners has an average rating of Hold and an average price target of $8.42.
FPI traded up $0.33 during trading on Wednesday, reaching $7.38. 5,728 shares of the company’s stock were exchanged, compared to its average volume of 240,009. Farmland Partners has a one year low of $5.15 and a one year high of $9.68. The firm has a market capitalization of $230.07 million, a price-to-earnings ratio of 20.62 and a beta of -0.05.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Tuesday, January 1st will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Friday, December 28th. Farmland Partners’s payout ratio is 55.56%.
In other news, CEO Paul A. Pittman purchased 6,457 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were purchased at an average price of $6.66 per share, for a total transaction of $43,003.62. Following the transaction, the chief executive officer now owns 1,210,243 shares of the company’s stock, valued at $8,060,218.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Erica Borenstein purchased 10,000 shares of the company’s stock in a transaction dated Friday, August 10th. The stock was purchased at an average price of $6.42 per share, for a total transaction of $64,200.00. Following the transaction, the general counsel now directly owns 33,436 shares in the company, valued at approximately $214,659.12. The disclosure for this purchase can be found here. Insiders bought a total of 72,030 shares of company stock worth $465,996 in the last 90 days. Corporate insiders own 10.10% of the company’s stock.
Farmland Partners Company Profile
Farmland Partners Inc is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns over 165,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia.
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