Farmland Partners (NYSE:FPI) Reaches New 12-Month High After Strong Earnings

Farmland Partners Inc. (NYSE:FPI) reached a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $12.87 and last traded at $12.21, with a volume of 236404 shares traded. The stock had previously closed at $11.64.

The financial services provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The company had revenue of $21.47 million during the quarter, compared to analysts’ expectations of $20.29 million. Farmland Partners had a net margin of 31.68% and a return on equity of 3.53%.

Farmland Partners Increases Dividend

The firm also recently disclosed a dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd were given a dividend of $1.15 per share. This is a boost from Farmland Partners’s previous dividend of $0.13. The ex-dividend date of this dividend was Monday, December 23rd. Farmland Partners’s dividend payout ratio is currently 85.71%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Farmland Partners from a “sell” rating to a “hold” rating in a research note on Saturday, November 9th.

Insider Activity

In other news, Director John A. Good bought 15,000 shares of Farmland Partners stock in a transaction dated Thursday, December 19th. The stock was acquired at an average cost of $12.23 per share, with a total value of $183,450.00. Following the acquisition, the director now owns 101,465 shares of the company’s stock, valued at approximately $1,240,916.95. This trade represents a 17.35 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Farmland Partners

A number of institutional investors have recently modified their holdings of FPI. Steward Partners Investment Advisory LLC grew its position in Farmland Partners by 470.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,944 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 2,428 shares during the last quarter. Promus Capital LLC acquired a new stake in Farmland Partners during the 4th quarter worth approximately $56,000. KLP Kapitalforvaltning AS purchased a new position in shares of Farmland Partners in the 4th quarter valued at approximately $104,000. GSA Capital Partners LLP acquired a new position in shares of Farmland Partners in the third quarter valued at approximately $105,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Farmland Partners during the third quarter worth approximately $111,000. 58.00% of the stock is owned by institutional investors and hedge funds.

Farmland Partners Stock Up 5.5 %

The company has a fifty day moving average of $11.76 and a two-hundred day moving average of $11.30. The stock has a market capitalization of $591.77 million, a price-to-earnings ratio of 43.88 and a beta of 0.69.

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 December 31, 2023, the Company owns and/or manages approximately 171,100 acres in 16 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina and Texas.