Farmland Partners Inc. (NYSE:FPI – Get Rating) announced a quarterly dividend on Tuesday, May 3rd, Zacks reports. Investors of record on Friday, July 1st will be given a dividend of 0.06 per share by the financial services provider on Friday, July 15th. This represents a $0.24 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Thursday, June 30th. This is a boost from Farmland Partners’s previous quarterly dividend of $0.05.
Farmland Partners has decreased its dividend payment by an average of 17.4% annually over the last three years. Farmland Partners has a payout ratio of 95.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Farmland Partners to earn $0.27 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 74.1%.
FPI opened at $15.93 on Thursday. Farmland Partners has a twelve month low of $10.62 and a twelve month high of $16.43. The firm has a market cap of $739.15 million, a price-to-earnings ratio of -72.41 and a beta of 0.70. The company has a fifty day simple moving average of $13.84 and a 200 day simple moving average of $12.50.
In related news, CEO Paul A. Pittman bought 2,000 shares of the stock in a transaction on Friday, March 25th. The shares were purchased at an average price of $13.44 per share, with a total value of $26,880.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 13.60% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in FPI. Morgan Stanley increased its stake in Farmland Partners by 16.7% during the 2nd quarter. Morgan Stanley now owns 296,177 shares of the financial services provider’s stock valued at $3,569,000 after buying an additional 42,487 shares during the period. Invesco Ltd. grew its stake in shares of Farmland Partners by 9.3% in the 3rd quarter. Invesco Ltd. now owns 48,563 shares of the financial services provider’s stock worth $582,000 after purchasing an additional 4,150 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Farmland Partners by 26.9% in the 3rd quarter. Royal Bank of Canada now owns 47,638 shares of the financial services provider’s stock worth $572,000 after purchasing an additional 10,093 shares during the last quarter. LPL Financial LLC grew its stake in shares of Farmland Partners by 143.2% in the 3rd quarter. LPL Financial LLC now owns 40,789 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 24,019 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Farmland Partners by 122.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 7,544 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 4,156 shares during the last quarter. 44.28% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have commented on the stock. Zacks Investment Research upgraded shares of Farmland Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 15th. Raymond James increased their price objective on shares of Farmland Partners from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Wednesday, March 16th. Finally, StockNews.com downgraded shares of Farmland Partners from a “hold” rating to a “sell” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $13.67.
About Farmland Partners (Get Rating)
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 approximately 155,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia.
- Get a free copy of the StockNews.com research report on Farmland Partners (FPI)
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