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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Friday, July 12th, Wall Street Journal reports. Stockholders of record on Wednesday, August 21st will be paid a dividend of 0.0467 per share by the real estate investment trust on Friday, August 30th. This represents a $0.56 annualized dividend and a dividend yield of 3.85%. The ex-dividend date is Wednesday, August 21st.

Gladstone Land has a dividend 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. 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 Price Performance

NASDAQ LAND traded down $0.08 during mid-day trading on Friday, hitting $14.56. The stock had a trading volume of 149,925 shares, compared to its average volume of 188,639. The company has a 50 day simple moving average of $13.41 and a 200 day simple moving average of $13.40. 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 company has a market cap of $521.83 million, a price-to-earnings ratio of 242.87, a P/E/G ratio of 3.87 and a beta of 1.08. Gladstone Land has a 52-week low of $12.31 and a 52-week high of $17.44.

Analysts Set New Price Targets

Several research firms have recently issued reports on LAND. Alliance Global Partners began coverage on shares of Gladstone Land in a research report on Tuesday, June 11th. They issued a “buy” rating and a $16.00 price objective on the stock. Maxim Group lowered their price target on shares of Gladstone Land from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Finally, Oppenheimer cut their price objective on Gladstone Land from $20.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.