Zacks: Brokerages Expect Farmland Partners Inc. (NYSE:FPI) Will Post Quarterly Sales of $10.83 Million

Brokerages expect Farmland Partners Inc. (NYSE:FPIGet Rating) to announce sales of $10.83 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Farmland Partners’ earnings, with the highest sales estimate coming in at $11.44 million and the lowest estimate coming in at $10.07 million. Farmland Partners reported sales of $10.01 million during the same quarter last year, which indicates a positive year over year growth rate of 8.2%. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Farmland Partners will report full year sales of $56.57 million for the current fiscal year, with estimates ranging from $52.53 million to $59.34 million. For the next financial year, analysts expect that the business will report sales of $60.06 million, with estimates ranging from $55.06 million to $63.19 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Farmland Partners.

Farmland Partners (NYSE:FPIGet Rating) last announced its earnings results on Tuesday, May 3rd. The financial services provider reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). Farmland Partners had a return on equity of 1.39% and a net margin of 10.44%. During the same period in the previous year, the company earned ($0.05) EPS.

A number of research analysts have recently weighed in on FPI shares. Raymond James increased their price objective on Farmland Partners from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Wednesday, March 16th. Zacks Investment Research upgraded Farmland Partners from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Tuesday, May 17th. StockNews.com cut Farmland Partners from a “hold” rating to a “sell” rating in a research note on Friday, May 20th. Finally, B. Riley raised their price objective on Farmland Partners from $13.00 to $16.00 in a research note on Monday, May 9th.

Shares of FPI stock opened at $14.53 on Wednesday. Farmland Partners has a 1-year low of $10.62 and a 1-year high of $16.43. The stock’s fifty day moving average price is $14.36 and its 200 day moving average price is $12.77. The company has a market cap of $727.47 million, a price-to-earnings ratio of -66.05 and a beta of 0.70.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, July 1st will be given a dividend of $0.06 per share. This is a boost from Farmland Partners’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, June 30th. Farmland Partners’s dividend payout ratio (DPR) is currently -90.91%.

In related news, CEO Paul A. Pittman purchased 2,000 shares of Farmland Partners stock in a transaction that occurred on Friday, March 25th. The stock was bought at an average cost of $13.44 per share, for a total transaction of $26,880.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 13.60% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of FPI. Point72 Hong Kong Ltd acquired a new stake in Farmland Partners in the fourth quarter valued at approximately $30,000. Signaturefd LLC acquired a new stake in shares of Farmland Partners in the fourth quarter worth approximately $44,000. National Bank of Canada FI acquired a new stake in shares of Farmland Partners in the fourth quarter worth approximately $44,000. Van ECK Associates Corp acquired a new stake in shares of Farmland Partners in the fourth quarter worth approximately $46,000. Finally, Fifth Third Bancorp acquired a new stake in shares of Farmland Partners in the fourth quarter worth approximately $54,000. 44.28% of the stock is currently owned by institutional investors.

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.

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Earnings History and Estimates for Farmland Partners (NYSE:FPI)

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