Gladstone Land Corp (NASDAQ:LAND) declared a dividend on Tuesday, July 9th, NASDAQ reports. Shareholders of record on Tuesday, September 17th will be paid a dividend of 0.045 per share by the real estate investment trust on Monday, September 30th. The ex-dividend date of this dividend is Monday, September 16th.
Gladstone Land has increased its dividend payment by an average of 4.6% annually over the last three years and has raised its dividend every year for the last 3 years. Gladstone Land has a payout ratio of 120.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Gladstone Land to earn $0.52 per share next year, which means the company may not be able to cover its $0.53 annual dividend with an expected future payout ratio of 101.9%.
Shares of LAND stock opened at $11.98 on Friday. The firm has a market cap of $249.10 million, a P/E ratio of 22.29 and a beta of 0.78. The company has a debt-to-equity ratio of 1.51, a current ratio of 3.14 and a quick ratio of 3.14. Gladstone Land has a 1-year low of $11.12 and a 1-year high of $13.85. The firm has a fifty day moving average of $11.60 and a two-hundred day moving average of $12.04.
Several research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Gladstone Land from a “hold” rating to a “sell” rating in a report on Wednesday. Maxim Group set a $15.00 price objective on shares of Gladstone Land and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, ValuEngine raised shares of Gladstone Land from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th.
In other Gladstone Land news, CEO David Gladstone purchased 135,739 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was acquired at an average cost of $11.86 per share, with a total value of $1,609,864.54. Following the acquisition, the chief executive officer now owns 2,224,324 shares of the company’s stock, valued at approximately $26,380,482.64. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 12.41% of the company’s stock.
About Gladstone Land
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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