THE ZACKS INVESTMENT RESEARCH BOOSTED FARMLAND PARTNERS INC. (FPI) TO PURCHASE
April 4, 2018 Ivanka Thompson
The Zacks Investment Research Boosted Farmland Partners Inc. (FPI) to Purchase
Farmland Partners logoFarmland Partners Inc. (NYSE:FPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $13.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 15.86% from the company’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) traded up 2.94% on Tuesday, hitting $11.22. 114,864 shares of the stock traded hands. Farmland Partners has a 1-year low of $9.54 and a 1-year high of $11.98. The stock has a 50 day moving average of $10.68 and a 200-day moving average of $11.14. The stock’s market cap is $155.46 million.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Monday, January 2nd will be given a $0.1275 dividend. The ex-dividend date is Wednesday, December 28th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.55%. Farmland Partners’s payout ratio is presently -299.98%.
In other Farmland Partners news, insider Paul A. Pittman bought 33,600 shares of Farmland Partners stock in a transaction dated Monday, August 29th. The stock was bought at an average price of $10.42 per share, with a total value of $350,112.00. Following the completion of the transaction, the insider now owns 461,304 shares in the company, valued at approximately $4,806,787.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 11.02% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Morgan Stanley boosted its stake in Farmland Partners by 4,291.2% in the third quarter. Morgan Stanley now owns 402,016 shares of the company’s stock valued at $4,502,000 after buying an additional 392,861 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Farmland Partners by 835.9% in the second quarter. BlackRock Fund Advisors now owns 304,588 shares of the company’s stock valued at $3,448,000 after buying an additional 272,042 shares in the last quarter. Credit Suisse AG boosted its stake in Farmland Partners by 980.5% in the third quarter. Credit Suisse AG now owns 208,743 shares of the company’s stock valued at $2,338,000 after buying an additional 189,423 shares in the last quarter. Global Alpha Capital Management Ltd. boosted its stake in Farmland Partners by 115.7% in the third quarter. Global Alpha Capital Management Ltd. now owns 314,883 shares of the company’s stock valued at $3,527,000 after buying an additional 168,883 shares in the last quarter. Finally, Gilman Hill Asset Management LLC boosted its stake in Farmland Partners by 84.0% in the second quarter. Gilman Hill Asset Management LLC now owns 367,197 shares of the company’s stock valued at $4,157,000 after buying an additional 167,583 shares in the last quarter. 34.71% of the stock is owned by institutional investors.
About Farmland Partners
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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