Amundi Cuts Stock Position in Gladstone Land Corporation $LAND

Key Points

• Amundi has reduced its stake in Gladstone Land Corporation by 9.8%, selling 127,963 shares and holding 1,174,879 shares after the transaction.
• Gladstone Land recently declared a $0.0467 monthly dividend, resulting in an annual yield of 6.3%, despite a negative payout ratio of -127.27%.
• Wall Street analysts have provided mixed ratings on LAND, with a consensus of "Hold" and a target price of $14.50.

Amundi reduced its position in shares of Gladstone Land Corporation (NASDAQ:LAND - Free Report) by 9.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,174,879 shares of the real estate investment trust's stock after selling 127,963 shares during the quarter. Amundi owned about 3.25% of Gladstone Land worth $12,372,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LAND. Millennium Management LLC bought a new position in shares of Gladstone Land during the 4th quarter valued at approximately $2,051,000. Nuveen LLC bought a new stake in Gladstone Land in the first quarter worth $850,000. Accordant Advisory Group Inc lifted its position in Gladstone Land by 38.7% in the first quarter. Accordant Advisory Group Inc now owns 248,683 shares of the real estate investment trust's stock worth $2,616,000 after buying an additional 69,328 shares during the last quarter. Northern Trust Corp lifted its position in Gladstone Land by 7.1% in the fourth quarter. Northern Trust Corp now owns 458,975 shares of the real estate investment trust's stock worth $4,980,000 after buying an additional 30,322 shares during the last quarter. Finally, Comprehensive Money Management Services LLC bought a new stake in Gladstone Land in the fourth quarter worth $329,000. 53.60% of the stock is currently owned by institutional investors.

Gladstone Land Stock Up 0.1%

Shares of Gladstone Land stock traded up $0.01 during trading on Monday, hitting $8.87. 348,079 shares of the stock traded hands, compared to its average volume of 337,975. The firm has a market cap of $321.01 million, a P/E ratio of -20.16, a price-to-earnings-growth ratio of 6.56 and a beta of 1.15. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.74. Gladstone Land Corporation has a 52-week low of $8.47 and a 52-week high of $14.87. The stock's fifty day simple moving average is $9.43 and its 200 day simple moving average is $9.86.

Gladstone Land Dividend Announcement

The business also recently announced a monthly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, July 21st were paid a $0.0467 dividend. This represents a c) annualized dividend and a yield of 6.3%. The ex-dividend date was Monday, July 21st. Gladstone Land's payout ratio is -127.27%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Oppenheimer restated an "outperform" rating on shares of Gladstone Land in a research report on Friday, May 23rd. Zacks Research upgraded Gladstone Land to a "strong sell" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $14.50.

Gladstone Land Company Profile

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 169 farms, comprised of approximately 116,000 acres in 15 different states and over 45,000 acre-feet of banked water in California, valued at a total of approximately $1.6 billion.