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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, October 8th, Zacks reports. Investors of record on Tuesday, October 22nd will be paid a dividend of 0.047 per share by the real estate investment trust on Thursday, October 31st. This represents a $0.56 annualized dividend and a dividend yield of 4.18%. 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 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 Stock Down 0.3 %

Gladstone Land stock opened at $13.50 on Monday. Gladstone Land has a twelve month low of $12.31 and a twelve month high of $15.36. The stock has a market cap of $483.81 million, a P/E ratio of 225.00, a P/E/G ratio of 4.37 and a beta of 1.07. The company’s 50-day moving average price is $13.77 and its two-hundred day moving average price is $13.62. The company has a quick ratio of 4.43, a current ratio of 4.43 and a debt-to-equity ratio of 0.78.

Wall Street Analyst Weigh In

Separately, Maxim Group cut Gladstone Land from a “buy” rating to a “hold” rating in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus 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.