Farmland Partners Inc (FPI) Director Chris A. Downey Acquires 15,395 Shares
Farmland Partners Inc (NYSE:FPI) Director Chris A. Downey acquired 15,395 shares of the stock in a transaction that occurred on Monday, October 15th. The stock was acquired at an average cost of $6.27 per share, with a total value of $96,526.65. Following the completion of the purchase, the director now owns 7,386 shares of the company’s stock, valued at $46,310.22. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
NYSE:FPI traded up $0.14 during mid-day trading on Wednesday, reaching $6.47. The company’s stock had a trading volume of 146,000 shares, compared to its average volume of 349,138. Farmland Partners Inc has a 1 year low of $5.15 and a 1 year high of $9.68. The firm has a market cap of $220.21 million, a PE ratio of 17.58 and a beta of 0.01.
Farmland Partners (NYSE:FPI) last released its quarterly earnings results on Wednesday, August 8th. The financial services provider reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.04). The firm had revenue of $11.42 million for the quarter, compared to analysts’ expectations of $12.23 million. Farmland Partners had a net margin of 18.22% and a return on equity of 2.52%. As a group, sell-side analysts predict that Farmland Partners Inc will post 0.29 EPS for the current fiscal year.
A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Farmland Partners from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine raised shares of Farmland Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Raymond James raised shares of Farmland Partners from a “market perform” rating to an “outperform” rating in a research note on Wednesday, July 18th. They noted that the move was a valuation call. Finally, B. Riley raised shares of Farmland Partners from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $8.50 to $8.00 in a research note on Thursday, July 12th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $8.42.
Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC lifted its position in shares of Farmland Partners by 95.1% during the first quarter. Barclays PLC now owns 18,530 shares of the financial services provider’s stock valued at $155,000 after buying an additional 9,034 shares during the last quarter. Pier 88 Investment Partners LLC purchased a new stake in shares of Farmland Partners during the second quarter valued at about $1,090,000. Taylor Frigon Capital Management LLC purchased a new stake in shares of Farmland Partners during the second quarter valued at about $1,128,000. North Star Investment Management Corp. purchased a new stake in shares of Farmland Partners during the second quarter valued at about $2,054,000. Finally, Northern Trust Corp lifted its position in shares of Farmland Partners by 5.9% during the second quarter. Northern Trust Corp now owns 353,476 shares of the financial services provider’s stock valued at $3,111,000 after buying an additional 19,645 shares during the last quarter. 51.75% of the stock is owned by institutional investors and hedge funds.
About Farmland Partners
Farmland Partners Inc is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns over 165,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia.
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