Gladstone Land (NASDAQ:LAND) Posts Earnings Results, Beats Expectations By $0.07 EPS

Gladstone Land (NASDAQ:LAND) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.07, Zacks reports. The firm had revenue of $17.79 million during the quarter, compared to analysts’ expectations of $15.08 million. Gladstone Land had a return on equity of 1.14% and a net margin of 10.69%.

Gladstone Land Stock Performance

Shares of LAND stock traded up $0.05 during midday trading on Thursday, hitting $9.29. The company had a trading volume of 328,261 shares, compared to its average volume of 384,766. The company’s 50 day simple moving average is $9.11 and its 200 day simple moving average is $9.55. Gladstone Land has a 52-week low of $8.47 and a 52-week high of $13.73. The stock has a market cap of $335.98 million, a price-to-earnings ratio of -21.01, a PEG ratio of 6.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.21 and a quick ratio of 2.21.

Gladstone Land Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a $0.0467 dividend. This represents a c) annualized dividend and a dividend yield of 6.0%. The ex-dividend date is Monday, December 22nd. Gladstone Land’s dividend payout ratio (DPR) is -127.27%.

Wall Street Analysts Forecast Growth

LAND has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Gladstone Land in a report on Wednesday, October 8th. Zacks Research upgraded Gladstone Land from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Gladstone Land currently has a consensus rating of “Hold” and an average price target of $14.50.

Hedge Funds Weigh In On Gladstone Land

Hedge funds and other institutional investors have recently bought and sold shares of the company. Strs Ohio acquired a new position in Gladstone Land during the first quarter worth $63,000. Tower Research Capital LLC TRC lifted its stake in shares of Gladstone Land by 348.1% during the second quarter. Tower Research Capital LLC TRC now owns 8,845 shares of the real estate investment trust’s stock worth $90,000 after purchasing an additional 6,871 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Gladstone Land by 9.4% in the second quarter. The Manufacturers Life Insurance Company now owns 13,763 shares of the real estate investment trust’s stock valued at $140,000 after acquiring an additional 1,183 shares in the last quarter. NewEdge Advisors LLC raised its stake in Gladstone Land by 6,470.4% during the second quarter. NewEdge Advisors LLC now owns 16,426 shares of the real estate investment trust’s stock valued at $167,000 after buying an additional 16,176 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Gladstone Land by 295.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,619 shares of the real estate investment trust’s stock worth $220,000 after purchasing an additional 16,146 shares during the period. 53.60% of the stock is owned by institutional investors and hedge funds.

Gladstone Land Company Profile

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.