Analysts expect that Farmland Partners Inc. (NYSE:FPI) will announce earnings of $0.06 per share for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Farmland Partners’ earnings. The lowest EPS estimate is $0.04 and the highest is $0.08. Farmland Partners reported earnings per share of ($0.06) during the same quarter last year, which suggests a positive year over year growth rate of 200%. The company is expected to issue its next earnings results after the market closes on Wednesday, November 8th.
According to Zacks, analysts expect that Farmland Partners will report full year earnings of $0.31 per share for the current fiscal year, with EPS estimates ranging from $0.27 to $0.35. For the next fiscal year, analysts forecast that the company will report earnings of $0.42 per share, with EPS estimates ranging from $0.30 to $0.50. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that cover Farmland Partners.
FPI has been the subject of a number of recent research reports. Zacks Investment Research raised Farmland Partners from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Tuesday, September 19th. FBR & Co cut Farmland Partners from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $12.00 to $10.00 in a research report on Tuesday, July 18th. Raymond James Financial, Inc. initiated coverage on Farmland Partners in a research report on Monday, September 18th. They set a “market perform” rating for the company. BidaskClub raised Farmland Partners from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 24th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $9.25 price target (down from $10.00) on shares of Farmland Partners in a report on Monday, September 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $9.95.
Shares of Farmland Partners (FPI) opened at $8.55 on Monday. Farmland Partners has a 1 year low of $8.06 and a 1 year high of $11.97. The firm has a market capitalization of $281.70, a P/E ratio of 15.27 and a beta of 0.17.
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In other news, Chairman Paul A. Pittman acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was purchased at an average cost of $8.40 per share, with a total value of $25,200.00. Following the purchase, the chairman now directly owns 1,084,615 shares of the company’s stock, valued at approximately $9,110,766. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought a total of 8,000 shares of company stock valued at $67,450 over the last three months. Insiders own 2.76% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. purchased a new position in Farmland Partners in the 1st quarter valued at approximately $136,000. Raymond James Financial Services Advisors Inc. increased its stake in Farmland Partners by 12.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 12,808 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 1,398 shares in the last quarter. Nationwide Fund Advisors increased its stake in Farmland Partners by 76.5% in the 1st quarter. Nationwide Fund Advisors now owns 13,235 shares of the financial services provider’s stock valued at $148,000 after purchasing an additional 5,735 shares in the last quarter. Loeb Partners Corp purchased a new position in Farmland Partners in the 2nd quarter valued at approximately $121,000. Finally, Pinnacle Associates Ltd. increased its stake in Farmland Partners by 12.4% in the 2nd 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. 39.25% of the stock is owned by hedge funds and other institutional investors.
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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