Farmland (FPI) Gets a Hold Rating from B.Riley FBR


B.Riley FBR analyst Craig Kucera reiterated a Hold rating on Farmland (FPI) today and set a price target of $7. The company’s shares closed yesterday at $6.35.

Kucera wrote:

“We are raising our price target on Neutral-rated Farmland Partners Inc. (FPI) from $6.50 to $7.00 given recent dispositions at a higher premium to book value than seen in prior quarters, while raising our NAV estimate from $10.26 to $10.36. However, 2019 may prove to be a challenging year from a participation income perspective given the potential impact to tree nut pricing and sales volume related to the tariffs with China; as such we are reducing our 2019 AFFO from $0.27 to $0.20, while trimming our 2020 AFFO from $0.33 to $0.32. FPI stepped up its disposition of farmland in 2Q19 (with ~$30M sold) at a 35% premium over book value (vs.”

According to TipRanks.com, Kucera is a 4-star analyst with an average return of 6.0% and a 67.5% success rate. Kucera covers the Financial sector, focusing on stocks such as Monmouth Real Estate Investment, NexPoint Residential Trust Inc, and Consolidated-Tomoka Land Co.

Farmland has an analyst consensus of Hold, with a price target consensus of $7.

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The company has a one-year high of $7.85 and a one-year low of $4.45. Currently, Farmland has an average volume of 203.2K.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FPI in relation to earlier this year.

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Farmland Partners, Inc. is a real estate investment trust, which engages in the management and acquisition of farmland and land with agricultural development potential. Its property portfolio focuses on the primary crops, such as corn, soybeans, wheat, rice, and cotton; and the balance is used to grow specialty crops, such as almond, citrus, blueberries, vegetables, and edible beans. The company was founded on September 27, 2013 and is headquartered in Denver, CO.

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