Bullish indicating open at $55-$60, IPO prices at $37
DENVER - Farmland (NYSE:FPI) Partners Inc. (NYSE: FPI), a real estate company focused on farmland, announced that Dr. Bruce Sherrick, an agricultural economist, has joined its Board of Directors as of Monday, July 23, 2024. Dr. Sherrick is recognized for his expertise in the farmland market and brings a wealth of experience from both academic and industry roles.
Currently, Dr. Sherrick holds the Marjorie and Jerry Fruin Professorship at the University of Illinois and directs the TIAA-CREF Center for Farmland Research. He is also a Managing Partner at Integrated Financial Analytics & Research (iFAR), where he has contributed for over two decades.
With a history of public company board service, including a previous role as director and audit committee member of Farmer Mac (NYSE: AGM), Dr. Sherrick's appointment is seen as a strategic move for Farmland Partners. His experience also includes directorships at Peoples Company, Leading Harvest, and Twin Cedars Bank, indicating a deep connection to the agricultural finance and sustainability sectors.
Paul Pittman, Executive Chairman of Farmland Partners, expressed enthusiasm for Dr. Sherrick's acceptance to join the Board, highlighting his potential to contribute valuable economic insights and a unique perspective to the company's operations and future planning.
Dr. Sherrick shared his excitement about the opportunity to work with Farmland Partners, acknowledging the company's innovative approach to farmland investing and land management. He emphasized his commitment to aiding the company and its investors in maximizing returns.
With a Bachelor of Science and a Ph.D. from The Ohio State University, Dr. Sherrick's academic credentials are rooted in finance, economics, and agriculture, aligning with the core interests of Farmland Partners.
This announcement is based on a press release statement from Farmland Partners Inc .
In other recent news, the Federal Agricultural (NYSE:AGM) Mortgage Corporation, also known as Farmer Mac, has reported significant developments. Firstly, the company announced robust financial growth for Q1 2024, with core earnings reaching $43.4 million, a 12% increase year-over-year. The firm also completed a successful securitization transaction and acquired a $57 million pool of farm and ranch loans.
Farmer Mac also recently redeemed all outstanding shares of its 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C. This operation followed the Board of Directors' declaration of a dividend amounting to $0.006116 per share for the Series C Preferred Stock.
In terms of analyst updates, Seaport Global Securities affirmed a Buy rating on Farmer Mac shares, expressing increased confidence in the company's growth prospects. However, Keefe, Bruyette & Woods adjusted their outlook on Farmer Mac, revising the price target downward to $212 from the previous $225, reflecting a lower earnings run rate in the first quarter and anticipated narrower spreads in the coming years.
Additionally, Farmer Mac has welcomed two new members, Jeffrey L. Plagge and Kevin G. Riel, to its board of directors, replacing Dennis Brack and Everett Dobrinski.
InvestingPro Insights
As Farmland Partners Inc. welcomes Dr. Bruce Sherrick to its Board of Directors, investors may be keen to understand how this strategic move could influence the company's performance. With Dr. Sherrick's extensive background in agricultural economics and his previous role at Farmer Mac, it is pertinent to consider the current financial metrics and InvestingPro Tips for Farmer Mac (NYSE: AGM) to gauge potential parallels and insights.
According to InvestingPro data, Farmer Mac currently boasts a market capitalization of $2.29 billion and trades at a P/E ratio of 10.11, suggesting a valuation that is potentially attractive when compared to near-term earnings growth. Additionally, the company has demonstrated a robust revenue growth of 18.78% over the last twelve months as of Q1 2024.
An InvestingPro Tip that stands out is Farmer Mac's consistent history of dividend payments, having raised its dividend for 12 consecutive years, and maintaining dividend payments for 21 consecutive years. This track record could be indicative of a stable financial structure and a commitment to returning value to shareholders—qualities that Dr. Sherrick may find align with his expertise and experience.
Moreover, Farmer Mac is currently trading near its 52-week high, with the price at 98.89% of this peak, reflecting strong investor confidence. This is further supported by a notable one-month price total return of 19.0%, highlighting the company's recent positive market performance.
For those interested in deeper analysis and additional insights, there are more InvestingPro Tips available for Farmer Mac. By using the coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes access to these valuable tips. As of now, there are 10 additional InvestingPro Tips listed on https://www.investing.com/pro/AGM, which could further inform investment decisions and provide a comprehensive understanding of Farmer Mac's financial health and prospects.
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