Gladstone Land Corp (NASDAQ:LAND) Plans Monthly Dividend of $0.05
Gladstone Land Corp (NASDAQ:LAND) declared a monthly dividend on Tuesday, October 8th, Zacks reports. Shareholders of record on Tuesday, October 22nd will be paid a dividend of 0.045 per share by the real estate investment trust on Thursday, October 31st. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date is Monday, October 21st.
Gladstone Land has increased its dividend payment by an average of 4.6% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Gladstone Land has a dividend payout ratio of 120.5% meaning 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 $0.52 per share next year, which means the company may not be able to cover its $0.53 annual dividend with an expected future payout ratio of 101.9%.
Shares of LAND traded up $0.06 during trading on Thursday, reaching $12.00. The company’s stock had a trading volume of 7,821 shares, compared to its average volume of 178,408. The company has a fifty day moving average of $11.77 and a two-hundred day moving average of $12.02. Gladstone Land has a twelve month low of $11.12 and a twelve month high of $13.85. The company has a market cap of $245.56 million, a price-to-earnings ratio of 23.53 and a beta of 0.78. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 1.51.
In other Gladstone Land news, CEO David Gladstone purchased 135,739 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was bought at an average price of $11.86 per share, with a total value of $1,609,864.54. Following the completion of the purchase, the chief executive officer now owns 2,224,324 shares in the company, valued at approximately $26,380,482.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 12.41% of the company’s stock.
Several equities research analysts recently issued reports on the company. Maxim Group set a $15.00 price target on Gladstone Land and gave the company a “buy” rating in a research report on Friday, August 9th. ValuEngine upgraded Gladstone Land from a “hold” rating to a “buy” rating in a research note on Tuesday, August 6th. Aegis initiated coverage on Gladstone Land in a research note on Monday. They set a “buy” rating and a $13.50 price objective for the company. Finally, Zacks Investment Research downgraded Gladstone Land from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Two investment analysts have rated the stock with a sell rating and three have issued a buy rating to the company. Gladstone Land has a consensus rating of “Hold” and a consensus price target of $14.17.
About Gladstone Land
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmer-tenants. The Company reports the current fair value of its farmland on a quarterly basis; as of December 31, 2018, its estimated net asset value was $12.88 per share.
Featured Story: The four types of profit margin
Receive News & Ratings for Gladstone Land Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gladstone Land and related companies with MarketBeat.com's FREE daily email newsletter.