Farmland Partners (NYSE:FPI) Posts Earnings Results, Misses Expectations By $0.07 EPS

Farmland Partners (NYSE:FPI) announced its earnings results on Wednesday. The financial services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.07), Zacks reports. The business had revenue of $11.45 million for the quarter, compared to analysts’ expectations of $11.84 million. Farmland Partners had a net margin of 53.91% and a return on equity of 5.78%. During the same quarter in the prior year, the company posted ($0.02) earnings per share. Farmland Partners updated its FY 2024 guidance to 0.200-0.260 EPS.

Farmland Partners Price Performance

Shares of Farmland Partners stock traded down $0.78 during trading on Thursday, hitting $10.57. The stock had a trading volume of 1,137,662 shares, compared to its average volume of 326,849. Farmland Partners has a 12 month low of $9.95 and a 12 month high of $13.27. The firm’s fifty day simple moving average is $11.27 and its 200-day simple moving average is $11.14. The stock has a market cap of $509.16 million, a PE ratio of 20.73 and a beta of 0.71.

Farmland Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Monday, July 1st. Farmland Partners’s dividend payout ratio is currently 47.06%.

Analyst Upgrades and Downgrades

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

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.