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. We have approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014.
Farmland Partners Stock Performance
NYSE:FPI opened at $15.03 on Tuesday. The company has a market capitalization of $816.13 million, a price-to-earnings ratio of 1,503.00 and a beta of 0.72. Farmland Partners has a one year low of $10.62 and a one year high of $16.43. The stock has a 50-day simple moving average of $14.23 and a 200 day simple moving average of $13.79.
Farmland Partners Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Saturday, October 1st will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.60%. Farmland Partners's dividend payout ratio (DPR) is presently 2,400.00%.
Analysts Set New Price Targets
Several analysts have recently weighed in on the company. Roth Capital initiated coverage on Farmland Partners in a report on Tuesday, June 21st. They issued a "buy" rating and a $16.00 target price for the company. StockNews.com upgraded Farmland Partners from a "sell" rating to a "hold" rating in a report on Thursday, July 28th. Finally, B. Riley increased their price target on Farmland Partners from $13.00 to $16.00 in a research note on Monday, May 9th.