Gladstone Land Co. (LAND) to Issue Monthly Dividend of $0.05 on November 29th

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Friday, October 11th, Wall Street Journal reports. Investors of record on Wednesday, November 20th will be given a dividend of 0.0467 per share by the real estate investment trust on Friday, November 29th. This represents a $0.56 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Wednesday, November 20th.

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. Research 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 Up 0.4 %

Shares of Gladstone Land stock opened at $13.51 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 4.43 and a quick ratio of 4.43. The stock has a market cap of $484.17 million, a price-to-earnings ratio of 225.17, a PEG ratio of 4.37 and a beta of 1.07. The firm’s 50-day moving average is $13.80 and its two-hundred day moving average is $13.61. Gladstone Land has a 1 year low of $12.31 and a 1 year high of $15.36.

Analysts Set New Price Targets

Separately, Maxim Group lowered shares of Gladstone Land from a “buy” rating to a “hold” rating in a 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 company. According to MarketBeat.com, the company currently 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.