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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, July 9th, Wall Street Journal reports. Investors of record on Friday, September 20th will be paid a dividend of 0.0467 per share by the real estate investment trust on Monday, September 30th. This represents a $0.56 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Friday, September 20th.

Gladstone Land has a dividend payout ratio of -151.4% 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 $0.56 per share next year, which means the company may not be able to cover its $0.56 annual dividend with an expected future payout ratio of 100.0%.

Gladstone Land Trading Down 0.9 %

Shares of NASDAQ:LAND opened at $14.43 on Thursday. The company’s 50-day moving average price is $14.15 and its two-hundred day moving average price is $13.52. Gladstone Land has a one year low of $12.31 and a one year high of $15.36. The company has a debt-to-equity ratio of 0.78, a current ratio of 4.43 and a quick ratio of 4.43. The stock has a market capitalization of $517.14 million, a PE ratio of 240.50, a price-to-earnings-growth ratio of 4.47 and a beta of 1.07.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LAND. Alliance Global Partners started coverage on shares of Gladstone Land in a research report on Tuesday, June 11th. They set a “buy” rating and a $16.00 price objective for the company. Maxim Group cut Gladstone Land from a “buy” rating to a “hold” rating in a report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.00.

About Gladstone Land

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 169 farms, comprised of approximately 116,000 acres in 15 different states and over 45,000 acre-feet of banked water in California, valued at a total of approximately $1.6 billion.