Gladstone Land Corporation Announces Monthly Dividend of $0.05 (NASDAQ:LAND)

Gladstone Land Corporation (NASDAQ:LAND - Get Free Report) declared a monthly dividend on Friday, July 11th, Wall Street Journal reports. Investors of record on Monday, September 22nd will be paid a dividend of 0.0467 per share by the real estate investment trust on Tuesday, September 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date of this dividend is Monday, September 22nd.

Gladstone Land has a payout ratio of -114.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Gladstone Land to earn $0.61 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 91.8%.

Gladstone Land Price Performance

Shares of NASDAQ LAND traded down $0.08 during trading hours on Monday, reaching $10.58. 295,775 shares of the stock traded hands, compared to its average volume of 293,351. The company has a market capitalization of $382.84 million, a P/E ratio of -42.32, a price-to-earnings-growth ratio of 4.18 and a beta of 1.11. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.72. Gladstone Land has a 52-week low of $8.66 and a 52-week high of $15.36. The company's 50-day simple moving average is $10.01 and its two-hundred day simple moving average is $10.38.

Gladstone Land (NASDAQ:LAND - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. Gladstone Land had a net margin of 18.14% and a return on equity of 2.14%. The company had revenue of $16.80 million during the quarter, compared to analysts' expectations of $17.30 million. Equities research analysts forecast that Gladstone Land will post 0.52 EPS for the current year.

Institutional Investors Weigh In On Gladstone Land

Institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. lifted its holdings in Gladstone Land by 5.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 407,183 shares of the real estate investment trust's stock worth $4,284,000 after buying an additional 22,557 shares during the period. Jane Street Group LLC boosted its position in shares of Gladstone Land by 141.1% in the 1st quarter. Jane Street Group LLC now owns 108,843 shares of the real estate investment trust's stock worth $1,145,000 after purchasing an additional 63,702 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Gladstone Land by 12.1% in the 1st quarter. AQR Capital Management LLC now owns 35,991 shares of the real estate investment trust's stock worth $379,000 after purchasing an additional 3,889 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Gladstone Land during the 1st quarter valued at about $273,000. Finally, Strs Ohio bought a new stake in Gladstone Land during the 1st quarter valued at about $63,000. Hedge funds and other institutional investors own 53.60% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Alliance Global Partners reaffirmed a "neutral" rating on shares of Gladstone Land in a research note on Tuesday, May 13th. Oppenheimer reaffirmed an "outperform" rating on shares of Gladstone Land in a research note on Friday, May 23rd. Finally, Wall Street Zen raised Gladstone Land from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th.

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.