Onyx Bridge Wealth Group LLC Reduces Holdings in Gladstone Land Co. (NASDAQ:LAND)

Onyx Bridge Wealth Group LLC reduced its position in Gladstone Land Co. (NASDAQ:LAND) by 30.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,009 shares of the real estate investment trust’s stock after selling 6,088 shares during the period. Onyx Bridge Wealth Group LLC’s holdings in Gladstone Land were worth $192,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LAND. International Assets Investment Management LLC purchased a new position in shares of Gladstone Land during the 4th quarter valued at approximately $727,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Gladstone Land by 12.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 40,139 shares of the real estate investment trust’s stock worth $580,000 after purchasing an additional 4,523 shares during the last quarter. Kovack Advisors Inc. increased its position in shares of Gladstone Land by 11.0% in the 4th quarter. Kovack Advisors Inc. now owns 16,735 shares of the real estate investment trust’s stock worth $242,000 after purchasing an additional 1,653 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Gladstone Land by 1.7% in the 4th quarter. Victory Capital Management Inc. now owns 48,661 shares of the real estate investment trust’s stock valued at $703,000 after purchasing an additional 824 shares in the last quarter. Finally, M&G Investment Management Ltd. bought a new position in shares of Gladstone Land during the fourth quarter worth about $149,000. 53.60% of the stock is owned by hedge funds and other institutional investors.

Gladstone Land Stock Performance

NASDAQ:LAND traded down $0.14 during midday trading on Wednesday, reaching $13.57. 171,827 shares of the company traded hands, compared to its average volume of 186,190. The firm has a market capitalization of $486.32 million, a price-to-earnings ratio of 228.50, a price-to-earnings-growth ratio of 4.03 and a beta of 1.08. The company has a fifty day moving average price of $14.00 and a 200 day moving average price of $13.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 6.14 and a quick ratio of 6.14. Gladstone Land Co. has a twelve month low of $12.31 and a twelve month high of $16.12.

Gladstone Land Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 20th will be given a dividend of $0.0467 per share. The ex-dividend date of this dividend is Friday, September 20th. This represents a $0.56 annualized dividend and a dividend yield of 4.13%. Gladstone Land’s dividend payout ratio is currently 933.33%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LAND. Oppenheimer cut their price objective on Gladstone Land from $20.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 15th. Maxim Group downgraded shares of Gladstone Land from a “buy” rating to a “hold” rating in a report on Monday, August 12th. Finally, Alliance Global Partners began coverage on shares of Gladstone Land in a research note on Tuesday, June 11th. They set a “buy” rating and a $16.00 target price for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.00.

About Gladstone Land

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.