Granite Investment Partners LLC Reduces Stake in Farmland Partners Inc. (FPI)
Granite Investment Partners LLC cut its position in Farmland Partners Inc. (NYSE:FPI) by 4.7% during the second quarter, Holdings Channel reports. The institutional investor owned 136,627 shares of the financial services provider’s stock after selling 6,733 shares during the period. Granite Investment Partners LLC’s holdings in Farmland Partners were worth $1,221,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Farmland Partners by 110.1% in the first quarter. Vanguard Group Inc. now owns 1,222,510 shares of the financial services provider’s stock worth $13,655,000 after buying an additional 640,730 shares in the last quarter. Uniplan Investment Counsel Inc. increased its position in Farmland Partners by 4.4% in the first quarter. Uniplan Investment Counsel Inc. now owns 642,216 shares of the financial services provider’s stock worth $7,173,000 after buying an additional 26,892 shares in the last quarter. Morgan Stanley increased its position in Farmland Partners by 843.1% in the first quarter. Morgan Stanley now owns 480,239 shares of the financial services provider’s stock worth $5,364,000 after buying an additional 429,317 shares in the last quarter. Shufro Rose & Co. LLC increased its position in Farmland Partners by 150.3% in the first quarter. Shufro Rose & Co. LLC now owns 435,320 shares of the financial services provider’s stock worth $4,863,000 after buying an additional 261,420 shares in the last quarter. Finally, Gilman Hill Asset Management LLC increased its position in Farmland Partners by 2.0% in the second quarter. Gilman Hill Asset Management LLC now owns 342,398 shares of the financial services provider’s stock worth $3,061,000 after buying an additional 6,746 shares in the last quarter. Hedge funds and other institutional investors own 38.93% of the company’s stock.
Shares of Farmland Partners Inc. (FPI) opened at 8.79 on Friday. The firm’s 50-day moving average price is $8.92 and its 200-day moving average price is $10.18. Farmland Partners Inc. has a 12 month low of $8.55 and a 12 month high of $11.97. The company has a market cap of $286.04 million, a PE ratio of 156.96 and a beta of 0.18.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Monday, October 2nd will be paid a $0.127 dividend. This represents a $0.51 annualized dividend and a yield of 5.78%. The ex-dividend date is Friday, September 29th. Farmland Partners’s payout ratio is 425.04%.
COPYRIGHT VIOLATION WARNING: This article was posted by Daily Political and is the property of of Daily Political. If you are reading this article on another domain, it was stolen and republished in violation of U.S. & international copyright and trademark laws. The original version of this article can be accessed at https://www.dailypolitical.com/2017/08/13/granite-investment-partners-llc-reduces-stake-in-farmland-partners-inc-fpi.html.
FPI has been the topic of a number of research reports. Zacks Investment Research downgraded Farmland Partners from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 10th. Robert W. Baird dropped their price objective on Farmland Partners from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, June 16th. Stifel Nicolaus restated a “buy” rating and issued a $10.00 price objective (down previously from $11.75) on shares of Farmland Partners in a report on Monday, June 19th. 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Farmland Partners has a consensus rating of “Hold” and an average target price of $10.90.
In other news, CEO Paul A. Pittman bought 5,000 shares of the business’s stock in a transaction 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 purchase, the chief executive officer now owns 545,388 shares of the company’s stock, valued at approximately $4,903,038.12. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dennie Dixon Boardman sold 65,422 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $9.84, for a total value of $643,752.48. Following the completion of the sale, 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 acquired a total of 15,700 shares of company stock worth $149,202 in the last 90 days. Company insiders own 2.76% 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).
Want to see what other hedge funds are holding FPI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Farmland Partners Inc. (NYSE:FPI).
Receive News & Ratings for Farmland Partners Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Farmland Partners Inc. and related companies with MarketBeat.com's FREE daily email newsletter.