Farmland Partners Inc. (FPI) Position Boosted by Vanguard Group Inc.
Vanguard Group Inc. raised its stake in shares of Farmland Partners Inc. (NYSE:FPI) by 110.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,222,510 shares of the financial services provider’s stock after buying an additional 640,730 shares during the period. Vanguard Group Inc. owned 7.12% of Farmland Partners worth $13,655,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Dynamic Technology Lab Private Ltd purchased a new position in Farmland Partners during the first quarter valued at $116,000. Raymond James Financial Services Advisors Inc. purchased a new position in Farmland Partners during the first quarter valued at $127,000. Pinnacle Associates Ltd. purchased a new position in Farmland Partners during the first quarter valued at $135,000. Alliancebernstein L.P. purchased a new position in Farmland Partners during the first quarter valued at $136,000. Finally, Nationwide Fund Advisors increased its position in Farmland Partners by 76.5% in the first quarter. Nationwide Fund Advisors now owns 13,235 shares of the financial services provider’s stock valued at $148,000 after buying an additional 5,735 shares during the last quarter. 39.81% of the stock is owned by institutional investors and hedge funds.
Farmland Partners Inc. (FPI) traded up 0.2133% during trading on Tuesday, reaching $8.8789. The company had a trading volume of 107,316 shares. Farmland Partners Inc. has a 52-week low of $8.06 and a 52-week high of $11.97. The company has a 50-day moving average of $8.80 and a 200-day moving average of $9.98. The firm has a market capitalization of $288.94 million, a P/E ratio of 158.5518 and a beta of 0.18.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Monday, October 2nd will be issued a $0.127 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 5.73%. The ex-dividend date is Friday, September 29th. Farmland Partners’s dividend payout ratio is currently 425.04%.
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Several research firms recently weighed in on FPI. Robert W. Baird downgraded Farmland Partners from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $9.00 in a research note on Tuesday, August 15th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $10.00 price objective (down from $11.75) on shares of Farmland Partners in a research note on Monday, June 19th. BidaskClub raised Farmland Partners from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 24th. Zacks Investment Research downgraded Farmland Partners from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 10th. Finally, FBR & Co downgraded Farmland Partners from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $12.00 to $10.00 in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $10.70.
In other Farmland Partners news, CEO Paul A. Pittman acquired 5,000 shares of the business’s stock in a transaction on Friday, June 16th. The stock was purchased at an average price of $8.99 per share, with a total value of $44,950.00. Following the acquisition, the chief executive officer now directly owns 545,388 shares of the company’s stock, valued at approximately $4,903,038.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Paul A. Pittman acquired 3,000 shares of the business’s stock in a transaction on Friday, August 18th. The stock was acquired at an average cost of $8.40 per share, with a total value of $25,200.00. Following the acquisition, the chairman now directly owns 1,084,615 shares in the company, valued at $9,110,766. The disclosure for this purchase can be found here. Insiders acquired a total of 15,000 shares of company stock valued at $130,500 in the last three months. Insiders own 2.76% of the company’s stock.
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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