Gladstone Land Co. (NASDAQ:LAND) to Issue $0.05 Monthly Dividend

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, October 12th, Zacks reports. Investors of record on Friday, October 22nd will be paid a dividend of 0.045 per share by the real estate investment trust on Friday, October 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Thursday, October 21st.

Gladstone Land has raised its dividend by 2.6% over the last three years and has raised its dividend every year for the last 5 years. Gladstone Land has a payout ratio of -186.2% 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 $0.75 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 opened at $23.13 on Thursday. The stock has a fifty day moving average of $23.13 and a 200 day moving average of $22.84. Gladstone Land has a 52 week low of $13.55 and a 52 week high of $26.04. The firm has a market capitalization of $724.59 million, a price-to-earnings ratio of -68.03, a PEG ratio of 5.98 and a beta of 0.64. The company has a quick ratio of 6.18, a current ratio of 6.18 and a debt-to-equity ratio of 1.30.

Gladstone Land (NASDAQ:LAND) last announced its quarterly earnings results on Monday, August 9th. The real estate investment trust reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.27). Gladstone Land had a negative return on equity of 0.36% and a negative net margin of 2.35%. Equities research analysts anticipate that Gladstone Land will post 0.62 earnings per share for the current year.

Several research firms recently commented on LAND. LADENBURG THALM/SH SH downgraded Gladstone Land from a “buy” rating to a “neutral” rating in a report on Wednesday, July 21st. Zacks Investment Research upgraded Gladstone Land from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $23.00.

An institutional investor recently raised its position in Gladstone Land stock. Wells Fargo & Company MN raised its position in shares of Gladstone Land Co. (NASDAQ:LAND) by 32.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 61,393 shares of the real estate investment trust’s stock after purchasing an additional 15,046 shares during the quarter. Wells Fargo & Company MN owned 0.20% of Gladstone Land worth $1,478,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 38.43% 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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Dividend History for Gladstone Land (NASDAQ:LAND)

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