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

Shares of Farmland Partners Inc. (NYSE:FPI) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $12.87 and last traded at $12.21, with a volume of 236404 shares. The stock had previously closed at $11.64.

The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $21.47 million during the quarter, compared to the consensus estimate of $20.29 million. Farmland Partners had a return on equity of 11.47% and a net margin of 102.89%.

Farmland Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.93%. Farmland Partners’s payout ratio is currently 24.00%.

Analyst Ratings Changes

Separately, StockNews.com downgraded Farmland Partners from a “hold” rating to a “sell” rating in a report on Thursday.

Insider Activity

In related news, Director John A. Good bought 15,000 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were bought at an average price of $12.23 per share, with a total value of $183,450.00. Following the completion of the transaction, the director now directly owns 101,465 shares in the company, valued at approximately $1,240,916.95. This represents a 17.35 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 8.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FPI. Steward Partners Investment Advisory LLC boosted its position in shares of Farmland Partners by 470.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,944 shares of the financial services provider’s stock valued at $35,000 after buying an additional 2,428 shares during the last quarter. Promus Capital LLC purchased a new position in shares of Farmland Partners during the fourth quarter valued at approximately $56,000. KLP Kapitalforvaltning AS purchased a new position in shares of Farmland Partners during the fourth quarter valued at approximately $104,000. GSA Capital Partners LLP purchased a new position in shares of Farmland Partners during the third quarter valued at approximately $105,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Farmland Partners during the third quarter valued at approximately $111,000. Hedge funds and other institutional investors own 58.00% of the company’s stock.

Farmland Partners Stock Down 0.8 %

The company has a 50-day simple moving average of $11.77 and a two-hundred day simple moving average of $11.32. The firm has a market cap of $597.55 million, a PE ratio of 12.41 and a beta of 0.69.

About Farmland Partners

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.