Gladstone Land Co. (NASDAQ:LAND) Announces Dividend Increase – $0.05 Per Share

Posted by Doug Madison on Oct 21st, 2024

Gladstone Land Co. (NASDAQ:LAND – Get Free Report) announced a monthly dividend on Tuesday, October 8th, Zacks reports. Investors of record on Tuesday, October 22nd will be paid a dividend of 0.047 per share by the real estate investment trust on Thursday, October 31st. This represents a $0.56 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Tuesday, October 22nd. This is a positive change from Gladstone Land’s previous monthly dividend of $0.05.

Gladstone Land has a dividend payout ratio of -147.4% 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 $0.56 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 Stock Performance

Shares of LAND stock opened at $13.50 on Monday. Gladstone Land has a 12 month low of $12.31 and a 12 month high of $15.36. The company’s fifty day simple moving average is $13.77 and its 200-day simple moving average is $13.62. The firm has a market cap of $483.81 million, a PE ratio of 225.00, a P/E/G ratio of 4.37 and a beta of 1.07. The company has a quick ratio of 4.43, a current ratio of 4.43 and a debt-to-equity ratio of 0.78.

Analysts Set New Price Targets

Separately, Maxim Group cut shares of Gladstone Land from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Two 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

Read Our Latest Report on Gladstone Land

Gladstone Land Company Profile

(Get Free Report)

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.