ProShare Advisors LLC Takes $6.10 Million Position in Gladstone Land Corporation $LAND

ProShare Advisors LLC bought a new position in shares of Gladstone Land Corporation (NASDAQ:LAND) during the second quarter, Holdings Channel.com reports. The fund bought 599,420 shares of the real estate investment trust’s stock, valued at approximately $6,096,000.

Other large investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its position in Gladstone Land by 5.8% in the 1st quarter. Russell Investments Group Ltd. now owns 20,348 shares of the real estate investment trust’s stock worth $214,000 after purchasing an additional 1,114 shares during the last quarter. PFG Investments LLC lifted its stake in shares of Gladstone Land by 2.8% in the second quarter. PFG Investments LLC now owns 45,125 shares of the real estate investment trust’s stock valued at $459,000 after buying an additional 1,235 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Gladstone Land by 2.7% in the second quarter. Asset Management One Co. Ltd. now owns 47,826 shares of the real estate investment trust’s stock valued at $486,000 after buying an additional 1,258 shares during the period. Allianz Asset Management GmbH grew its position in Gladstone Land by 1.5% during the second quarter. Allianz Asset Management GmbH now owns 101,376 shares of the real estate investment trust’s stock worth $1,031,000 after buying an additional 1,502 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Gladstone Land by 13.8% during the first quarter. PNC Financial Services Group Inc. now owns 13,090 shares of the real estate investment trust’s stock valued at $138,000 after acquiring an additional 1,583 shares during the period. 53.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Industrial Alliance Securities set a $10.00 price objective on Gladstone Land in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gladstone Land in a research report on Wednesday, October 8th. Zacks Research raised shares of Gladstone Land from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Gladstone Land in a research note on Tuesday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.00.

Gladstone Land Price Performance

Shares of LAND stock opened at $9.72 on Friday. The stock’s fifty day simple moving average is $9.18 and its 200 day simple moving average is $9.55. Gladstone Land Corporation has a one year low of $8.47 and a one year high of $12.24. The firm has a market cap of $362.24 million, a price-to-earnings ratio of -22.09, a P/E/G ratio of 6.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.21 and a quick ratio of 2.21.

Gladstone Land (NASDAQ:LAND) last issued its quarterly earnings data on Wednesday, November 5th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.07. Gladstone Land had a return on equity of 1.14% and a net margin of 10.69%.The company had revenue of $17.79 million during the quarter, compared to analysts’ expectations of $15.08 million. On average, analysts expect that Gladstone Land Corporation will post 0.52 earnings per share for the current fiscal year.

Gladstone Land Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.0467 per share. This represents a c) annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend is Monday, December 22nd. Gladstone Land’s dividend payout ratio is currently -254.55%.

Gladstone Land 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.