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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Tuesday, April 9th, Zacks reports. Stockholders of record on Friday, April 19th will be given a dividend of 0.047 per share by the real estate investment trust on Tuesday, April 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date is Thursday, April 18th. This is a positive change from Gladstone Land’s previous monthly dividend of $0.05.

Gladstone Land has raised its dividend by an average of 1.0% annually over the last three years and has increased its dividend annually for the last 10 consecutive years. Gladstone Land has a payout ratio of -193.1% 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 $0.70 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 80.0%.

Gladstone Land Stock Down 1.7 %

Shares of NASDAQ:LAND opened at $12.42 on Wednesday. Gladstone Land has a 52-week low of $12.41 and a 52-week high of $17.48. The firm has a fifty day moving average of $13.12 and a 200 day moving average of $13.81. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.80.

Hedge Funds Weigh In On Gladstone Land

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lazard Asset Management LLC bought a new position in shares of Gladstone Land during the fourth quarter valued at approximately $27,000. Great West Life Assurance Co. Can boosted its holdings in Gladstone Land by 80.5% in the first quarter. Great West Life Assurance Co. Can now owns 1,565 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 698 shares during the last quarter. Money Concepts Capital Corp purchased a new stake in Gladstone Land in the fourth quarter worth approximately $33,000. Ensign Peak Advisors Inc purchased a new stake in Gladstone Land in the third quarter worth approximately $39,000. Finally, Quantbot Technologies LP purchased a new stake in Gladstone Land in the first quarter worth approximately $80,000. 53.60% of the stock is owned by institutional investors.

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.