Gladstone Land Corp (NASDAQ:LAND) declared a monthly dividend on Wednesday, April 10th, Wall Street Journal reports. Stockholders of record on Monday, April 22nd will be given a dividend of 0.0445 per share by the real estate investment trust on Tuesday, April 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Thursday, April 18th.
Gladstone Land has increased its dividend payment by an average of 4.6% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Gladstone Land has a dividend payout ratio of 120.5% 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 $0.56 per share next year, which means the company should continue to be able to cover its $0.53 annual dividend with an expected future payout ratio of 94.6%.
Shares of NASDAQ:LAND opened at $12.57 on Wednesday. Gladstone Land has a 52-week low of $11.12 and a 52-week high of $13.85. The company has a market capitalization of $227.01 million, a P/E ratio of 24.65 and a beta of 0.99. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.86.
In other news, CEO David Gladstone acquired 100,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average price of $12.00 per share, with a total value of $1,200,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,015,300 shares in the company, valued at $24,183,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.41% of the stock is owned by corporate insiders.
A hedge fund recently raised its stake in Gladstone Land stock. Geode Capital Management LLC raised its stake in shares of Gladstone Land Corp (NASDAQ:LAND) by 13.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 161,915 shares of the real estate investment trust’s stock after acquiring an additional 19,119 shares during the quarter. Geode Capital Management LLC owned approximately 0.99% of Gladstone Land worth $1,858,000 at the end of the most recent reporting period. 31.13% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on the company. ValuEngine cut Gladstone Land from a “buy” rating to a “hold” rating in a research note on Tuesday, January 15th. Zacks Investment Research raised Gladstone Land from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Thursday, January 24th. JMP Securities cut Gladstone Land from a “market perform” rating to an “underperform” rating in a research note on Monday, January 14th. Finally, Maxim Group reissued a “buy” rating and issued a $15.00 price objective on shares of Gladstone Land in a research note on Thursday, February 28th.
About Gladstone Land
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmer-tenants. The Company reports the current fair value of its farmland on a quarterly basis; as of December 31, 2018, its estimated net asset value was $12.88 per share.
Read More: What Does Beta Mean In Stock Selection
Receive News & Ratings for Gladstone Land Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gladstone Land and related companies with MarketBeat.com's FREE daily email newsletter.