Robert W. Baird downgraded shares of Farmland Partners Inc. (NYSE:FPI) from an outperform rating to a neutral rating in a research report sent to investors on Tuesday, Marketbeat Ratings reports. They currently have $9.00 target price on the financial services provider’s stock, down from their prior target price of $10.00.
Other equities analysts also recently issued research reports about the company. Stifel Nicolaus reiterated a buy rating and issued a $10.00 target price (down previously from $11.75) on shares of Farmland Partners in a report on Monday, June 19th. Zacks Investment Research upgraded Farmland Partners from a sell rating to a hold rating in a report on Friday, August 11th. Finally, FBR & Co downgraded Farmland Partners from an outperform rating to a market perform rating and dropped their price objective for the stock from $12.00 to $10.00 in a report on Tuesday, July 18th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Farmland Partners has a consensus rating of Hold and a consensus target price of $10.70.
Shares of Farmland Partners (FPI) opened at 8.23 on Tuesday. The stock has a market capitalization of $267.82 million, a P/E ratio of 146.96 and a beta of 0.18. The company has a 50-day moving average of $8.85 and a 200-day moving average of $10.09. Farmland Partners has a 12-month low of $8.21 and a 12-month high of $11.97.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Monday, October 2nd will be issued 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 6.17%. Farmland Partners’s dividend payout ratio is currently 425.04%.
In other news, General Counsel Erica Borenstein acquired 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were purchased at an average price of $8.45 per share, for a total transaction of $25,350.00. Following the completion of the acquisition, the general counsel now owns 19,404 shares of the company’s stock, valued at approximately $163,963.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennie Dixon Boardman sold 65,422 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now owns 1,601 shares in the company, valued at approximately $15,753.84. The disclosure for this sale can be found here. Insiders purchased 14,200 shares of company stock worth $126,772 in the last 90 days. 2.76% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in Farmland Partners by 15.2% in the fourth quarter. State Street Corp now owns 164,945 shares of the financial services provider’s stock worth $1,842,000 after buying an additional 21,811 shares in the last quarter. Teachers Advisors LLC increased its position in Farmland Partners by 17.9% in the fourth quarter. Teachers Advisors LLC now owns 22,016 shares of the financial services provider’s stock worth $246,000 after buying an additional 3,349 shares in the last quarter. Winslow Evans & Crocker Inc. increased its position in Farmland Partners by 1,117.7% in the first quarter. Winslow Evans & Crocker Inc. now owns 23,136 shares of the financial services provider’s stock worth $258,000 after buying an additional 21,236 shares in the last quarter. Skylands Capital LLC purchased a new position in Farmland Partners during the first quarter worth approximately $502,000. Finally, Nationwide Fund Advisors increased 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 worth $148,000 after buying an additional 5,735 shares in the last quarter. Hedge funds and other institutional investors own 39.09% 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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