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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, July 9th, Wall Street Journal reports. Investors of record on Friday, September 20th will be given a dividend of 0.0467 per share by the real estate investment trust on Monday, September 30th. This represents a $0.56 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Friday, September 20th.

Gladstone Land has a dividend payout ratio of -151.4% 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 Trading Down 0.9 %

Shares of NASDAQ LAND opened at $14.43 on Thursday. Gladstone Land has a 1-year low of $12.31 and a 1-year high of $15.36. The company has a current ratio of 4.43, a quick ratio of 4.43 and a debt-to-equity ratio of 0.78. The company has a 50-day moving average of $14.15 and a two-hundred day moving average of $13.52. The company has a market cap of $517.14 million, a PE ratio of 240.50, a P/E/G ratio of 4.47 and a beta of 1.07.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on LAND shares. Alliance Global Partners assumed coverage on Gladstone Land in a research note on Tuesday, June 11th. They set a “buy” rating and a $16.00 price target on the stock. Maxim Group lowered shares of Gladstone Land from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.