Farmland Partners Inc. (NYSE:FPI) Rating Lowered to Neutral at Robert W. Baird
Farmland Partners Inc. (NYSE:FPI) was downgraded by research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday. They presently have a $9.00 target price on the financial services provider’s stock, down from their prior target price of $10.00. Robert W. Baird’s target price suggests a potential upside of 0.78% from the company’s previous close.
Several other research firms have also recently issued reports on FPI. Zacks Investment Research cut Farmland Partners from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 10th. Stifel Nicolaus reiterated a “buy” rating and issued a $10.00 price objective (down from $11.75) on shares of Farmland Partners in a report on Monday, June 19th. Finally, FBR & Co cut Farmland Partners from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $12.00 to $10.00 in a report on Tuesday, July 18th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $10.70.
Shares of Farmland Partners (NYSE:FPI) opened at 8.93 on Tuesday. The stock has a market capitalization of $290.60 million, a P/E ratio of 159.46 and a beta of 0.18. The company has a 50 day moving average price of $8.91 and a 200-day moving average price of $10.15. Farmland Partners has a 52-week low of $8.55 and a 52-week high of $11.97.
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In other Farmland Partners news, Director Dennie Dixon Boardman sold 65,422 shares of the firm’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 transaction, the director now directly owns 1,601 shares of the company’s stock, valued at approximately $15,753.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul A. Pittman bought 5,000 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was acquired at an average cost of $8.99 per share, for a total transaction of $44,950.00. Following the completion of the purchase, the chief executive officer now directly owns 545,388 shares in the company, valued at $4,903,038.12. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 11,200 shares of company stock worth $103,702. 2.76% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Farmland Partners by 8.5% in the second quarter. Vanguard Group Inc. now owns 1,326,437 shares of the financial services provider’s stock worth $11,858,000 after buying an additional 103,927 shares during the period. Uniplan Investment Counsel Inc. raised 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 during the period. State Street Corp raised its position in Farmland Partners by 16.4% in the second quarter. State Street Corp now owns 543,030 shares of the financial services provider’s stock worth $4,856,000 after buying an additional 76,673 shares during the period. Shufro Rose & Co. LLC raised its position in Farmland Partners by 22.4% in the second quarter. Shufro Rose & Co. LLC now owns 532,620 shares of the financial services provider’s stock worth $4,762,000 after buying an additional 97,300 shares during the period. Finally, Wells Fargo & Company MN raised its position in Farmland Partners by 89.6% in the second quarter. Wells Fargo & Company MN now owns 504,017 shares of the financial services provider’s stock worth $4,506,000 after buying an additional 238,140 shares during the period. 39.09% of the stock is currently owned by institutional investors and hedge funds.
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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