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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, October 8th, Wall Street Journal reports. Stockholders of record on Tuesday, October 22nd will be paid a dividend of 0.0467 per share by the real estate investment trust on Thursday, October 31st. This represents a $0.56 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Tuesday, October 22nd.

Gladstone Land has a dividend payout ratio of -147.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Stock Down 1.2 %

Shares of LAND traded down $0.16 during mid-day trading on Monday, hitting $13.34. 160,336 shares of the company’s stock were exchanged, compared to its average volume of 180,653. The company has a market cap of $478.08 million, a price-to-earnings ratio of 222.00, a P/E/G ratio of 4.37 and a beta of 1.07. Gladstone Land has a fifty-two week low of $12.31 and a fifty-two week high of $15.36. The company has a debt-to-equity ratio of 0.78, a quick ratio of 4.43 and a current ratio of 4.43. The stock’s 50-day moving average is $13.77 and its 200-day moving average is $13.62.

Analyst Upgrades and Downgrades

Separately, Maxim Group lowered shares of Gladstone Land from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.