Farmland Partners Inc. to Issue Quarterly Dividend of $0.06 (NYSE:FPI)

Farmland Partners Inc. (NYSE:FPI) declared a quarterly dividend on Thursday, July 24th, Wall Street Journal reports. Investors of record on Wednesday, October 1st will be paid a dividend of 0.06 per share by the financial services provider on Wednesday, October 15th. This represents a $0.24 annualized dividend and a yield of 2.26%. The ex-dividend date is Wednesday, October 1st.

Farmland Partners has a dividend payout ratio of 150.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Farmland Partners Stock Down 6.2%

Shares of FPI stock opened at $10.61 on Friday. The stock has a 50-day simple moving average of $11.29 and a 200 day simple moving average of $11.10. Farmland Partners has a fifty-two week low of $9.66 and a fifty-two week high of $12.87. The stock has a market capitalization of $476.45 million, a P/E ratio of 8.70 and a beta of 0.83.

Farmland Partners (NYSE:FPI) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). Farmland Partners had a net margin of 127.59% and a return on equity of 13.98%. The firm had revenue of $6.02 million for the quarter, compared to the consensus estimate of $9.50 million. On average, sell-side analysts anticipate that Farmland Partners will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On Farmland Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Farmland Partners by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,322 shares of the financial services provider’s stock worth $293,000 after acquiring an additional 1,092 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Farmland Partners during the 1st quarter valued at about $174,000. Jane Street Group LLC purchased a new position in Farmland Partners during the 1st quarter valued at about $1,404,000. Finally, Strs Ohio purchased a new position in Farmland Partners during the 1st quarter valued at about $96,000. Institutional investors and hedge funds own 58.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Farmland Partners from a “sell” rating to a “hold” rating in a research report on Saturday.

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.