Zacks Investment Research Upgrades Farmland Partners Inc. (FPI) to “Buy”
Farmland Partners Inc. (NYSE:FPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $13.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 15.15% from the stock’s previous close.
According to Zacks, “Farmland Partners Inc. operates as a real estate company. It owns and seeks to acquire primary row crop farmland located in agricultural markets throughout North America. The substantial majority of the farms in its portfolio include primary row crops, such as corn and soybeans. Farmland Partners Inc. is based in United States. “
Shares of Farmland Partners (NYSE:FPI) opened at 11.29 on Tuesday. The firm has a 50-day moving average of $10.67 and a 200-day moving average of $11.14. Farmland Partners has a one year low of $9.54 and a one year high of $11.98. The company’s market capitalization is $156.43 million.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Monday, January 2nd will be issued a dividend of $0.1275 per share. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $0.51 dividend on an annualized basis and a yield of 4.52%. Farmland Partners’s payout ratio is -299.98%.
In other news, insider Paul A. Pittman bought 33,600 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were acquired at an average cost of $10.42 per share, for a total transaction of $350,112.00. Following the completion of the acquisition, the insider now owns 461,304 shares in the company, valued at $4,806,787.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.02% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company bought a new position in Farmland Partners during the third quarter valued at approximately $122,000. Rhumbline Advisers bought a new position in Farmland Partners during the second quarter valued at approximately $137,000. Parametric Portfolio Associates LLC bought a new position in Farmland Partners during the second quarter valued at approximately $173,000. Schwab Charles Investment Management Inc. bought a new position in Farmland Partners during the second quarter valued at approximately $207,000. Finally, Teachers Advisors Inc. bought a new position in Farmland Partners during the second quarter valued at approximately $211,000. Hedge funds and other institutional investors own 34.71% of the company’s stock.
Farmland Partners Company Profile
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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