Bank of America Corp DE boosted its position in Gladstone Land Corp (NASDAQ:LAND) by 7.7% during the 4th quarter, HoldingsChannel reports. The firm owned 77,733 shares of the real estate investment trust’s stock after purchasing an additional 5,572 shares during the quarter. Bank of America Corp DE’s holdings in Gladstone Land were worth $892,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Advisor Group Inc. raised its position in shares of Gladstone Land by 13.0% during the 4th quarter. Advisor Group Inc. now owns 10,407 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 1,197 shares in the last quarter. Rhumbline Advisers raised its position in shares of Gladstone Land by 49.0% during the 4th quarter. Rhumbline Advisers now owns 21,490 shares of the real estate investment trust’s stock valued at $247,000 after buying an additional 7,071 shares in the last quarter. Strs Ohio raised its position in shares of Gladstone Land by 5.8% during the 4th quarter. Strs Ohio now owns 22,959 shares of the real estate investment trust’s stock valued at $263,000 after buying an additional 1,254 shares in the last quarter. RMR Advisors LLC purchased a new stake in shares of Gladstone Land during the 4th quarter valued at $402,000. Finally, Keeley Teton Advisors LLC raised its position in shares of Gladstone Land by 2.9% during the 4th quarter. Keeley Teton Advisors LLC now owns 37,821 shares of the real estate investment trust’s stock valued at $434,000 after buying an additional 1,056 shares in the last quarter. Institutional investors and hedge funds own 31.36% of the company’s stock.
LAND stock opened at $12.63 on Wednesday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.61 and a current ratio of 3.44. Gladstone Land Corp has a 52 week low of $11.12 and a 52 week high of $13.85. The firm has a market cap of $230.59 million, a P/E ratio of 24.78 and a beta of 0.97.
The firm also recently announced a monthly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 22nd will be issued a dividend of $0.0445 per share. This represents a $0.53 annualized dividend and a dividend yield of 4.22%. The ex-dividend date of this dividend is Tuesday, May 21st. Gladstone Land’s dividend payout ratio is currently 103.92%.
In other Gladstone Land news, CEO David Gladstone bought 100,000 shares of Gladstone Land stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average price of $12.00 per share, with a total value of $1,200,000.00. Following the acquisition, the chief executive officer now owns 2,015,300 shares in the company, valued at $24,183,600. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.41% of the stock is currently owned by company insiders.
Several analysts have recently weighed in on LAND shares. Zacks Investment Research upgraded shares of Gladstone Land from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Wednesday, January 16th. ValuEngine upgraded shares of Gladstone Land from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, Maxim Group restated a “buy” rating and set a $15.00 price objective on shares of Gladstone Land in a research report on Thursday, February 28th.
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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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