Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Tuesday, October 12th, Zacks reports. Shareholders of record on Friday, October 22nd will be paid a dividend of 0.045 per share by the real estate investment trust on Friday, October 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Thursday, October 21st.
Gladstone Land has raised its dividend payment by 2.6% over the last three years and has increased its dividend annually for the last 5 consecutive years. Gladstone Land has a dividend payout ratio of -186.2% 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 $0.75 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 72.0%.
Shares of LAND stock opened at $23.13 on Thursday. The company has a debt-to-equity ratio of 1.30, a current ratio of 6.18 and a quick ratio of 6.18. The firm’s 50-day moving average is $23.13 and its two-hundred day moving average is $22.84. Gladstone Land has a 12 month low of $13.55 and a 12 month high of $26.04. The company has a market capitalization of $724.59 million, a PE ratio of -68.03, a price-to-earnings-growth ratio of 5.98 and a beta of 0.64.
An institutional investor recently raised its position in Gladstone Land stock. Morgan Stanley lifted its stake in shares of Gladstone Land Co. (NASDAQ:LAND) by 16.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 273,376 shares of the real estate investment trust’s stock after buying an additional 38,386 shares during the quarter. Morgan Stanley owned about 0.87% of Gladstone Land worth $6,576,000 at the end of the most recent reporting period. 38.43% of the stock is owned by hedge funds and other institutional investors.
LAND has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Gladstone Land from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Thursday. LADENBURG THALM/SH SH downgraded shares of Gladstone Land from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 21st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $23.00.
About Gladstone Land
Gladstone Land Corp. is an agricultural real estate investment trust, which engages in the business of owning and leasing farmland. It also includes farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. The company was founded by David Gladstone on June 14, 1997 and is headquartered in McLean, VA.
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