Wells Fargo & Company MN boosted its stake in shares of Farmland Partners Inc. (NYSE:FPI) by 89.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 504,017 shares of the financial services provider’s stock after buying an additional 238,140 shares during the quarter. Wells Fargo & Company MN owned approximately 1.53% of Farmland Partners worth $4,506,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of FPI. Vanguard Group Inc. boosted its position in Farmland Partners by 110.1% during the first quarter. Vanguard Group Inc. now owns 1,222,510 shares of the financial services provider’s stock worth $13,655,000 after purchasing an additional 640,730 shares during the period. Shufro Rose & Co. LLC boosted its position in Farmland Partners by 22.4% during the second quarter. Shufro Rose & Co. LLC now owns 532,620 shares of the financial services provider’s stock worth $4,762,000 after purchasing an additional 97,300 shares during the period. Morgan Stanley boosted its position in Farmland Partners by 843.1% during the first quarter. Morgan Stanley now owns 480,239 shares of the financial services provider’s stock worth $5,364,000 after purchasing an additional 429,317 shares during the period. Gilman Hill Asset Management LLC boosted its position in Farmland Partners by 2.0% during the second quarter. Gilman Hill Asset Management LLC now owns 342,398 shares of the financial services provider’s stock worth $3,061,000 after purchasing an additional 6,746 shares during the period. Finally, Tocqueville Asset Management L.P. boosted its position in Farmland Partners by 58.3% during the second quarter. Tocqueville Asset Management L.P. now owns 327,905 shares of the financial services provider’s stock worth $2,931,000 after purchasing an additional 120,725 shares during the period. Institutional investors own 39.74% of the company’s stock.
Shares of Farmland Partners Inc. (NYSE FPI) opened at 9.10 on Friday. The stock has a market capitalization of $296.13 million, a P/E ratio of 162.50 and a beta of 0.20. The stock has a 50 day moving average of $8.99 and a 200-day moving average of $9.49. Farmland Partners Inc. has a one year low of $8.06 and a one year high of $11.97.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Monday, October 2nd were paid a dividend of $0.127 per share. The ex-dividend date of this dividend was Friday, September 29th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.58%. Farmland Partners’s dividend payout ratio (DPR) is presently 425.04%.
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In related news, Chairman Paul A. Pittman acquired 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was bought at an average cost of $8.40 per share, for a total transaction of $25,200.00. Following the purchase, the chairman now owns 1,084,615 shares in the company, valued at approximately $9,110,766. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have purchased 8,000 shares of company stock valued at $67,450. 2.76% of the stock is currently owned by corporate insiders.
A number of equities analysts have weighed in on FPI shares. Zacks Investment Research upgraded shares of Farmland Partners from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Tuesday, September 19th. FBR & Co lowered shares of Farmland Partners from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $12.00 to $10.00 in a research report on Tuesday, July 18th. Raymond James Financial, Inc. started coverage on shares of Farmland Partners in a research report on Monday, September 18th. They set a “market perform” rating for the company. BidaskClub upgraded shares of Farmland Partners from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 24th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $10.00 target price (down previously from $11.75) on shares of Farmland Partners in a research report on Monday, June 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $9.95.
Farmland Partners Company Profile
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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