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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Monday, July 15th, 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 dividend yield of 3.74%. The ex-dividend date of this dividend is Friday, September 20th.

Gladstone Land has a payout ratio of -180.6% 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 $0.68 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 82.4%.

Gladstone Land Stock Up 3.0 %

Shares of NASDAQ LAND traded up $0.44 during mid-day trading on Monday, reaching $15.00. 282,816 shares of the company were exchanged, compared to its average volume of 189,342. The company has a quick ratio of 6.14, a current ratio of 6.14 and a debt-to-equity ratio of 0.76. The stock has a market cap of $537.60 million, a price-to-earnings ratio of 242.71, a P/E/G ratio of 4.04 and a beta of 1.08. Gladstone Land has a 1 year low of $12.31 and a 1 year high of $17.44. The firm has a 50-day moving average of $13.44 and a 200 day moving average of $13.39.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Oppenheimer decreased their price objective on Gladstone Land from $20.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. Alliance Global Partners began coverage on Gladstone Land in a research report on Tuesday, June 11th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Maxim Group reduced their target price on Gladstone Land from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Gladstone Land currently has an average rating of “Moderate Buy” 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.