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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Friday, July 12th, Wall Street Journal reports. Stockholders of record on Wednesday, August 21st will be paid a dividend of 0.0467 per share by the real estate investment trust on Friday, August 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date is Wednesday, August 21st.

Gladstone Land has a dividend payout ratio of -180.6% 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 $0.68 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 82.4%.

Gladstone Land Stock Performance

Shares of NASDAQ LAND traded down $0.08 during midday trading on Friday, reaching $14.56. The company’s stock had a trading volume of 149,925 shares, compared to its average volume of 188,639. Gladstone Land has a 12-month low of $12.31 and a 12-month high of $17.44. The firm has a 50 day moving average price of $13.41 and a 200-day moving average price of $13.40. The stock has a market capitalization of $521.83 million, a P/E ratio of 242.87, a PEG ratio of 3.87 and a beta of 1.08. The company has a debt-to-equity ratio of 0.76, a current ratio of 6.14 and a quick ratio of 6.14.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on LAND shares. Alliance Global Partners started coverage on Gladstone Land in a research note on Tuesday, June 11th. They issued a “buy” rating and a $16.00 target price on the stock. Oppenheimer lowered their target price on shares of Gladstone Land from $20.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, May 15th. Finally, Maxim Group lowered their target price on shares of Gladstone Land from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

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.