Gladstone Land Co. (NASDAQ:LAND) Raises Dividend to $0.05 Per Share

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Tuesday, July 9th, Zacks reports. Shareholders of record on Monday, July 22nd will be given a dividend of 0.047 per share by the real estate investment trust on Wednesday, July 31st. This represents a $0.56 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Monday, July 22nd. This is a boost from Gladstone Land’s previous monthly dividend of $0.05.

Gladstone Land has a dividend payout ratio of -180.6% 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 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 Trading Up 2.0 %

LAND opened at $13.93 on Thursday. Gladstone Land has a fifty-two week low of $12.31 and a fifty-two week high of $17.44. The company has a market cap of $499.25 million, a price-to-earnings ratio of 232.21, a price-to-earnings-growth ratio of 3.81 and a beta of 1.08. The company has a debt-to-equity ratio of 0.76, a current ratio of 6.14 and a quick ratio of 6.14. The firm has a 50 day simple moving average of $13.35 and a 200 day simple moving average of $13.39.

Analyst Upgrades and Downgrades

LAND has been the topic of a number of analyst reports. Oppenheimer cut their price target on Gladstone Land from $20.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 15th. 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 report on Thursday, May 9th. Finally, Alliance Global Partners started coverage on Gladstone Land in a research note on Tuesday, June 11th. They issued a “buy” rating and a $16.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

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.