Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Friday, January 14th, Wall Street Journal reports. Stockholders of record on Wednesday, March 23rd will be paid a dividend of 0.0453 per share by the real estate investment trust on Thursday, March 31st. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Tuesday, March 22nd.
Gladstone Land has increased its dividend payment by 1.7% over the last three years and has raised its dividend annually for the last 7 consecutive years. Gladstone Land has a payout ratio of -490.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Gladstone Land to earn $0.75 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 72.0%.
Shares of LAND stock traded down $0.51 during trading hours on Friday, reaching $33.03. The company had a trading volume of 294,660 shares, compared to its average volume of 360,636. The business has a fifty day moving average price of $30.07 and a 200-day moving average price of $25.66. Gladstone Land has a one year low of $14.92 and a one year high of $35.08. The firm has a market cap of $1.13 billion, a PE ratio of -95.83, a price-to-earnings-growth ratio of 7.16 and a beta of 0.58. The company has a debt-to-equity ratio of 1.23, a quick ratio of 7.91 and a current ratio of 7.91.
Gladstone Land (NASDAQ:LAND) last announced its earnings results on Tuesday, November 9th. The real estate investment trust reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.20). Gladstone Land had a net margin of 2.38% and a return on equity of 0.36%. During the same quarter in the prior year, the business earned $0.15 EPS. Equities research analysts forecast that Gladstone Land will post 0.66 EPS for the current year.
Several analysts recently issued reports on LAND shares. Oppenheimer started coverage on shares of Gladstone Land in a research report on Thursday, October 28th. They set a "market perform" rating and a $24.00 target price for the company. Wedbush restated a "neutral" rating on shares of Gladstone Land in a research report on Friday, November 12th. B. Riley boosted their target price on shares of Gladstone Land from $26.00 to $31.00 and gave the company a "buy" rating in a research report on Tuesday, November 16th. Finally, Zacks Investment Research lowered shares of Gladstone Land from a "buy" rating to a "hold" rating in a research report on Friday, November 12th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $25.20.
Several institutional investors and hedge funds have recently bought and sold shares of the business. American International Group Inc. boosted its position in shares of Gladstone Land by 11.1% in the third quarter. American International Group Inc. now owns 15,698 shares of the real estate investment trust's stock worth $357,000 after purchasing an additional 1,574 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Gladstone Land by 6.3% in the third quarter. Bank of New York Mellon Corp now owns 173,481 shares of the real estate investment trust's stock worth $3,951,000 after purchasing an additional 10,275 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Gladstone Land by 545.0% in the third quarter. BNP Paribas Arbitrage SA now owns 6,069 shares of the real estate investment trust's stock worth $138,000 after purchasing an additional 5,128 shares during the period. LPL Financial LLC lifted its holdings in shares of Gladstone Land by 35.2% in the third quarter. LPL Financial LLC now owns 28,886 shares of the real estate investment trust's stock worth $658,000 after buying an additional 7,518 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Gladstone Land in the third quarter worth $271,000. Institutional investors and hedge funds own 37.67% of the company's stock.
Gladstone Land Company Profile
Gladstone Land Corp. is an agricultural real estate investment trust, which engages in the business of owning and leasing farmland. It also includes farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. The company was founded by David Gladstone on June 14, 1997 and is headquartered in McLean, VA.
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