Wall Street brokerages expect Farmland Partners (NYSE:FPI) to report $12.30 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Farmland Partners’ earnings. The lowest sales estimate is $11.94 million and the highest is $12.65 million. Farmland Partners posted sales of $11.46 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.3%. The business is expected to report its next earnings results on Wednesday, July 18th.
On average, analysts expect that Farmland Partners will report full year sales of $59.58 million for the current fiscal year, with estimates ranging from $58.99 million to $60.16 million. For the next year, analysts anticipate that the firm will post sales of $61.84 million per share, with estimates ranging from $61.77 million to $61.90 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Farmland Partners.
Farmland Partners (NYSE:FPI) last released its quarterly earnings data on Wednesday, May 9th. The financial services provider reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). Farmland Partners had a net margin of 19.85% and a return on equity of 2.68%. The company had revenue of $11.21 million during the quarter, compared to the consensus estimate of $10.96 million.
Several research firms have recently weighed in on FPI. Zacks Investment Research lowered Farmland Partners from a “buy” rating to a “hold” rating in a research note on Tuesday. B. Riley lowered their price objective on Farmland Partners from $10.00 to $8.50 and set a “neutral” rating on the stock in a research note on Tuesday, March 6th. ValuEngine lowered Farmland Partners from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Finally, Janney Montgomery Scott lowered Farmland Partners from a “buy” rating to a “neutral” rating and set a $9.00 price objective on the stock. in a research note on Friday, March 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Farmland Partners presently has an average rating of “Hold” and an average price target of $9.00.
FPI stock opened at $7.86 on Thursday. Farmland Partners has a 1-year low of $7.90 and a 1-year high of $7.98. The company has a market capitalization of $253.42 million, a PE ratio of 21.83 and a beta of 0.09.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Monday, July 2nd will be given a dividend of $0.127 per share. The ex-dividend date of this dividend is Friday, June 29th. This represents a $0.51 dividend on an annualized basis and a yield of 6.46%. Farmland Partners’s dividend payout ratio (DPR) is presently 141.67%.
In other Farmland Partners news, CEO Paul A. Pittman purchased 5,252 shares of the firm’s stock in a transaction that occurred on Monday, May 14th. The shares were acquired at an average cost of $7.71 per share, for a total transaction of $40,492.92. Following the transaction, the chief executive officer now directly owns 1,178,286 shares in the company, valued at $9,084,585.06. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have purchased 15,665 shares of company stock worth $129,615. 10.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FPI. Millennium Management LLC bought a new stake in Farmland Partners during the 4th quarter worth approximately $4,206,000. Global Alpha Capital Management Ltd. grew its position in Farmland Partners by 41.2% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 1,410,325 shares of the financial services provider’s stock worth $11,776,000 after acquiring an additional 411,200 shares during the last quarter. Alliancebernstein L.P. grew its position in Farmland Partners by 1,542.0% during the 4th quarter. Alliancebernstein L.P. now owns 275,850 shares of the financial services provider’s stock worth $2,394,000 after acquiring an additional 259,050 shares during the last quarter. Hilltop Holdings Inc. bought a new stake in Farmland Partners during the 1st quarter worth approximately $1,021,000. Finally, Deutsche Bank AG grew its position in Farmland Partners by 12.5% during the 4th quarter. Deutsche Bank AG now owns 452,541 shares of the financial services provider’s stock worth $3,925,000 after acquiring an additional 50,166 shares during the last quarter. Institutional investors and hedge funds own 46.52% of the company’s stock.
Farmland Partners Company Profile
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 or has under contract over 166,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia.
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