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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Tuesday, July 9th, Wall Street Journal reports. Shareholders of record on Friday, September 20th will be given a dividend of 0.0467 per share by the real estate investment trust on Monday, September 30th. This represents a $0.56 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Friday, September 20th.

Gladstone Land has a dividend payout ratio of -151.4% 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 opened at $14.56 on Wednesday. The company has a market capitalization of $521.80 million, a PE ratio of 242.67, a P/E/G ratio of 4.47 and a beta of 1.07. Gladstone Land has a 52-week low of $12.31 and a 52-week high of $15.36. The company has a 50-day simple moving average of $14.14 and a 200-day simple moving average of $13.51. 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

Several brokerages have recently commented on LAND. Alliance Global Partners began coverage on Gladstone Land in a research note on Tuesday, June 11th. They set a “buy” rating and a $16.00 price target on the stock. Maxim Group cut Gladstone Land from a “buy” rating to a “hold” rating in a report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.