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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, April 9th, Wall Street Journal reports. Investors of record on Wednesday, June 19th will be paid a dividend of 0.0466 per share by the real estate investment trust on Friday, June 28th. This represents a $0.56 annualized dividend and a yield of 4.18%. The ex-dividend date is Tuesday, June 18th.

Gladstone Land has a dividend payout ratio of -180.6% indicating that 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 $0.68 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 82.4%.

Gladstone Land Price Performance

Shares of NASDAQ LAND opened at $13.38 on Monday. Gladstone Land has a one year low of $12.31 and a one year high of $17.44. The firm has a market cap of $479.54 million, a PE ratio of 223.04, a PEG ratio of 3.72 and a beta of 1.03. The firm has a fifty day moving average of $13.12 and a 200 day moving average of $13.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 6.14 and a current ratio of 6.14.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LAND. Maxim Group dropped their target price on shares of Gladstone Land from $19.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Oppenheimer dropped their target price on shares of Gladstone Land from $20.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, May 15th. Finally, Alliance Global Partners began coverage on shares of Gladstone Land in a report on Tuesday, June 11th. They set a “buy” rating and a $16.00 target price for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Gladstone Land has an average rating of “Moderate Buy” and an average 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.