Farmland Partners Inc. (FPI) Trading Up 4%
Farmland Partners Inc. (NYSE:FPI) shares were up 4% on Monday . The stock traded as high as $11.54 and last traded at $11.50, with a volume of 99,216 shares traded. The stock had previously closed at $11.06.
Separately, Zacks Investment Research upgraded Farmland Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Farmland Partners has a consensus rating of “Buy” and a consensus target price of $12.00.
The firm’s 50 day moving average is $11.55 and its 200-day moving average is $11.11. The stock’s market cap is $152.43 million.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date is Wednesday, September 28th.
In other news, insider Paul A. Pittman purchased 33,600 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were bought at an average cost of $10.42 per share, for a total transaction of $350,112.00. Following the completion of the purchase, the insider now directly owns 461,304 shares of the company’s stock, valued at $4,806,787.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Farmland Partners, Inc is an internally managed real estate company. The Company owns and seeks to acquire primary crop 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 Company’s principal investment focus is on farmland located in agricultural markets throughout North America, however, it may seek to acquire farmland outside of North America.
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