Garner Asset Management Corp Acquires Shares of 34,185 Farmland Partners Inc. (FPI)
Garner Asset Management Corp acquired a new stake in shares of Farmland Partners Inc. (NYSE:FPI) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 34,185 shares of the financial services provider’s stock, valued at approximately $306,000. Garner Asset Management Corp owned approximately 0.11% of Farmland Partners as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of FPI. Dynamic Technology Lab Private Ltd purchased a new position in shares of Farmland Partners during the first quarter valued at about $116,000. Loeb Partners Corp purchased a new position in shares of Farmland Partners during the second quarter valued at about $121,000. Pinnacle Associates Ltd. grew its position 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 purchasing an additional 1,500 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Farmland Partners during the first quarter valued at about $127,000. Finally, Alliancebernstein L.P. purchased a new position in shares of Farmland Partners during the first quarter valued at about $136,000. Hedge funds and other institutional investors own 39.74% of the company’s stock.
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In other Farmland Partners news, Chairman Paul A. Pittman acquired 3,000 shares of the business’s stock in a transaction on Friday, August 18th. The stock was bought at an average price of $8.40 per share, for a total transaction of $25,200.00. Following the acquisition, the chairman now owns 1,084,615 shares in the company, valued at $9,110,766. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders acquired 8,000 shares of company stock valued at $67,450. 2.76% of the stock is owned by insiders.
A number of brokerages have recently weighed in on FPI. Robert W. Baird lowered Farmland Partners from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $9.00 in a research report on Tuesday, August 15th. Zacks Investment Research lowered Farmland Partners from a “buy” rating to a “hold” rating in a research report on Wednesday. Stifel Nicolaus restated a “buy” rating and set a $9.25 price objective (down previously from $10.00) on shares of Farmland Partners in a research report on Monday, September 25th. Raymond James Financial, Inc. began coverage on Farmland Partners in a research report on Monday, September 18th. They set a “market perform” rating for the company. Finally, BidaskClub upgraded Farmland Partners from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $9.95.
Farmland Partners Inc. (NYSE FPI) traded up 1.54% on Friday, reaching $9.04. The company had a trading volume of 257,205 shares. Farmland Partners Inc. has a 1-year low of $8.06 and a 1-year high of $11.97. The firm has a market capitalization of $294.18 million, a P/E ratio of 161.43 and a beta of 0.18. The company’s 50-day moving average price is $8.79 and its 200 day moving average price is $9.71.
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. The ex-dividend date of this dividend is Friday, September 29th. This represents a $0.51 dividend on an annualized basis and a yield of 5.62%. Farmland Partners’s payout ratio is 425.04%.
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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