B.Riley FBR Remains a Hold on Farmland

By Austin Angelo

In a report released today, Jessica Levi-Ribner from B.Riley FBR reiterated a Hold rating on Farmland (NYSE MKT: FPI), with a price target of $10. The company’s shares closed on Friday at $9.

Levi-Ribner commented:

“We reiterate our Neutral rating and $10 price target on shares of Farmland Partners (FPI) following strong 3Q17 results. FPI reported 3Q17 AFFO per share of $0.09, which included a $0.03 per share negative impact from the issuance of Series B preferred stock in the quarter and beat our $0.08 estimate and the Street at $0.06. The company did not acquire any farmland during the quarter, but is on track to close on the 5,100 acres of California farmland acquired from Olam International in December. Worth noting, FPI will not recognize any revenues from the acquisition until 4Q18, which will likely result in weaker quarterly results over the coming quarters with associated expenses being recognized up front. The company has a number of potential acquisitions in the pipeline and about $70 to $80 million of liquidity that it intends to deploy into specialty crops before the end of 1Q18.”

According to TipRanks.com, Levi-Ribner is a 4-star analyst with an average return of 8.1% and a 71.1% success rate. Levi-Ribner covers the Financial sector, focusing on stocks such as Sutherland Asset Management Corporation, Arlington Asset Investment, and New York Mortgage Trust.

Farmland has an analyst consensus of Moderate Buy, with a price target consensus of $9.63.

Farmland’s market cap is currently $293.7M and has a P/E ratio of 112.08. The company has a book value ratio of 0.9225.

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Farmland Partners Inc. is a real estate company, which engages in owning and seeking to acquire row crop farmland. The company was founded on September 27, 2013 and is headquartered in Denver, CO.