Brokerages Expect Farmland Partners Inc. (FPI) Will Announce Quarterly Sales of $11.27 Million
Brokerages expect Farmland Partners Inc. (NYSE:FPI) to post sales of $11.27 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Farmland Partners’ earnings, with the lowest sales estimate coming in at $11.16 million and the highest estimate coming in at $11.46 million. Farmland Partners posted sales of $6.95 million in the same quarter last year, which suggests a positive year over year growth rate of 62.2%. The firm is scheduled to announce its next earnings results on Wednesday, November 1st.
On average, analysts expect that Farmland Partners will report full year sales of $11.27 million for the current financial year, with estimates ranging from $41.53 million to $47.40 million. For the next financial year, analysts anticipate that the firm will post sales of $51.90 million per share, with estimates ranging from $45.96 million to $57.90 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Farmland Partners.
Several research analysts recently weighed in on the company. Zacks Investment Research raised Farmland Partners from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Robert W. Baird lowered Farmland Partners from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $9.00 in a research report on Tuesday, August 15th. BidaskClub raised Farmland Partners from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 24th. FBR & Co lowered Farmland Partners from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $12.00 to $10.00 in a research report on Tuesday, July 18th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $10.00 target price (down from $11.75) on shares of Farmland Partners in a research report on Monday, June 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $10.70.
In other Farmland Partners news, CEO Paul A. Pittman bought 5,000 shares of the stock in a transaction dated Friday, June 16th. The stock was bought 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 of the company’s stock, valued at $4,903,038.12. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Erica Borenstein bought 3,000 shares of the stock in a transaction dated Thursday, August 17th. The shares were acquired at an average price of $8.45 per share, with a total value of $25,350.00. Following the completion of the purchase, the general counsel now directly owns 19,404 shares of the company’s stock, valued at $163,963.80. The disclosure for this purchase can be found here. Insiders acquired 15,000 shares of company stock worth $130,500 over the last three months. 2.76% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in FPI. Raymond James Financial Services Advisors Inc. grew its stake in shares of Farmland Partners by 12.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 12,808 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 1,398 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Farmland Partners during the first quarter valued at about $116,000. Loeb Partners Corp acquired a new stake in shares of Farmland Partners during the second quarter valued at about $121,000. Pinnacle Associates Ltd. grew its stake in shares of Farmland Partners by 12.4% during the second quarter. Pinnacle Associates Ltd. now owns 13,600 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Alliancebernstein L.P. acquired a new stake in shares of Farmland Partners during the first quarter valued at about $136,000. Institutional investors own 39.81% of the company’s stock.
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Farmland Partners (FPI) traded up 0.22% during midday trading on Tuesday, reaching $8.96. The company’s stock had a trading volume of 80,521 shares. Farmland Partners has a 1-year low of $8.06 and a 1-year high of $11.97. The company has a 50 day moving average price of $8.81 and a 200 day moving average price of $9.82. The firm has a market cap of $291.58 million, a price-to-earnings ratio of 160.00 and a beta of 0.18.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Monday, October 2nd will be given a $0.127 dividend. This represents a $0.51 annualized dividend and a yield of 5.68%. The ex-dividend date of this dividend is Friday, September 29th. Farmland Partners’s dividend payout ratio (DPR) is presently 425.04%.
Farmland Partners Company Profile
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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