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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, October 8th, Zacks reports. Stockholders of record on Tuesday, October 22nd will be given a dividend of 0.047 per share by the real estate investment trust on Thursday, October 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date is Tuesday, October 22nd. This is an increase from Gladstone Land’s previous monthly dividend of $0.05.

Gladstone Land has a dividend payout ratio of -147.4% 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 analysts expect Gladstone Land to earn $0.56 per share next year, which means the company may not be able to cover its $0.56 annual dividend with an expected future payout ratio of 100.0%.

Gladstone Land Trading Down 0.3 %

Shares of Gladstone Land stock opened at $13.50 on Friday. The firm’s 50-day moving average price is $13.77 and its two-hundred day moving average price is $13.62. The company has a market capitalization of $483.81 million, a price-to-earnings ratio of 225.00, a PEG ratio of 4.37 and a beta of 1.07. The company has a quick ratio of 4.43, a current ratio of 4.43 and a debt-to-equity ratio of 0.78. Gladstone Land has a 12-month low of $12.31 and a 12-month high of $15.36.

Analyst Ratings Changes

Separately, Maxim Group downgraded shares of Gladstone Land from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.