Gladstone Land Corp (NASDAQ:LAND) announced a monthly dividend on Friday, July 17th, Wall Street Journal reports. Investors of record on Wednesday, September 23rd will be given a dividend of 0.0448 per share by the real estate investment trust on Wednesday, September 30th. This represents a $0.54 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Tuesday, September 22nd.
Gladstone Land has a payout ratio of -450.0% 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 $0.63 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 85.7%.
Gladstone Land stock traded up $0.21 during midday trading on Friday, reaching $16.09. The stock had a trading volume of 148,323 shares, compared to its average volume of 166,773. The company has a quick ratio of 3.46, a current ratio of 3.46 and a debt-to-equity ratio of 1.55. Gladstone Land has a 52-week low of $9.61 and a 52-week high of $16.37. The firm has a market cap of $342.45 million, a price-to-earnings ratio of -316.00 and a beta of 0.78. The company has a fifty day moving average of $15.40 and a 200 day moving average of $13.62.
Gladstone Land (NASDAQ:LAND) last posted its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.17 by ($0.12). The firm had revenue of $15.28 million during the quarter, compared to analysts' expectations of $13.64 million. Gladstone Land had a return on equity of 1.78% and a net margin of 9.88%. Equities research analysts predict that Gladstone Land will post 0.68 EPS for the current year.
LAND has been the topic of a number of research reports. Maxim Group reaffirmed a "buy" rating and set a $16.00 target price on shares of Gladstone Land in a research report on Tuesday, May 12th. BidaskClub lowered shares of Gladstone Land from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 10th. Zacks Investment Research lowered shares of Gladstone Land from a "buy" rating to a "hold" rating in a research report on Wednesday. Finally, B. Riley raised their target price on shares of Gladstone Land from $16.00 to $17.50 in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. The company has a consensus rating of "Buy" and a consensus price target of $14.28.
Gladstone Land Company Profile
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmer-tenants. The Company reports the current fair value of its farmland on a quarterly basis; as of December 31, 2018, its estimated net asset value was $12.88 per share.
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