Gilman Hill Asset Management LLC increased its stake in shares of Farmland Partners Inc. (NYSE:FPI) by 2.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 342,398 shares of the financial services provider’s stock after buying an additional 6,746 shares during the period. Gilman Hill Asset Management LLC owned 1.05% of Farmland Partners worth $3,061,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its position in shares of Farmland Partners by 31.5% in the first quarter. Wells Fargo & Company MN now owns 265,877 shares of the financial services provider’s stock worth $2,970,000 after buying an additional 63,757 shares during the last quarter. North Star Investment Management Corp. boosted its position in shares of Farmland Partners by 10.4% in the first quarter. North Star Investment Management Corp. now owns 149,031 shares of the financial services provider’s stock worth $1,665,000 after buying an additional 14,006 shares during the last quarter. Wesbanco Bank Inc. boosted its position in shares of Farmland Partners by 72.1% in the first quarter. Wesbanco Bank Inc. now owns 60,230 shares of the financial services provider’s stock worth $673,000 after buying an additional 25,230 shares during the last quarter. Strs Ohio boosted its position in shares of Farmland Partners by 72.4% in the first quarter. Strs Ohio now owns 52,602 shares of the financial services provider’s stock worth $587,000 after buying an additional 22,091 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Farmland Partners by 4.8% in the first quarter. Janney Montgomery Scott LLC now owns 120,214 shares of the financial services provider’s stock worth $1,343,000 after buying an additional 5,536 shares during the last quarter. Hedge funds and other institutional investors own 38.93% of the company’s stock.
Farmland Partners Inc. (FPI) opened at 8.79 on Friday. Farmland Partners Inc. has a 12 month low of $8.55 and a 12 month high of $11.97. The stock has a market capitalization of $286.04 million, a PE ratio of 156.96 and a beta of 0.18. The company’s 50-day moving average is $8.92 and its 200-day moving average is $10.18.
The company also recently announced 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 annualized dividend and a yield of 5.78%. The ex-dividend date of this dividend is Friday, September 29th. Farmland Partners’s dividend payout ratio (DPR) is 425.04%.
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A number of brokerages have issued reports on FPI. Zacks Investment Research raised shares of Farmland Partners from a “sell” rating to a “hold” rating in a report on Friday. FBR & Co lowered shares of Farmland Partners from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $12.00 to $10.00 in a report on Tuesday, July 18th. Stifel Nicolaus reissued a “buy” rating and issued a $10.00 price target (down previously from $11.75) on shares of Farmland Partners in a report on Monday, June 19th. Finally, Robert W. Baird cut their target price on shares of Farmland Partners from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, June 16th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $10.90.
In related news, CEO Paul A. Pittman acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were acquired at an average price of $8.99 per share, with a total value of $44,950.00. Following the completion of the purchase, the chief executive officer now directly owns 545,388 shares in the company, valued at $4,903,038.12. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Dennie Dixon Boardman sold 65,422 shares of the stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $9.84, for a total value of $643,752.48. Following the sale, the director now directly owns 1,601 shares in the company, valued at approximately $15,753.84. The disclosure for this sale can be found here. Insiders acquired 15,700 shares of company stock worth $149,202 in the last three months. 2.76% of the stock is owned by corporate insiders.
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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