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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Tuesday, April 9th, Wall Street Journal reports. Investors of record on Friday, April 19th will be paid a dividend of 0.0466 per share by the real estate investment trust on Tuesday, April 30th. This represents a $0.56 annualized dividend and a dividend yield of 4.51%. The ex-dividend date is Thursday, April 18th.

Gladstone Land has raised its dividend by an average of 1.0% per year over the last three years and has raised its dividend annually for the last 10 consecutive years. Gladstone Land has a payout ratio of -193.1% 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 $0.70 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 80.0%.

Gladstone Land Trading Down 0.2 %

Shares of Gladstone Land stock traded down $0.02 during trading hours on Wednesday, reaching $12.40. 127,808 shares of the company’s stock were exchanged, compared to its average volume of 208,334. Gladstone Land has a 1 year low of $12.37 and a 1 year high of $17.48. The business has a fifty day moving average of $13.12 and a two-hundred day moving average of $13.81. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.80 and a quick ratio of 1.80.

Institutional Investors Weigh In On Gladstone Land

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Gladstone Land by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 3,492,241 shares of the real estate investment trust’s stock worth $50,463,000 after buying an additional 16,302 shares during the last quarter. BlackRock Inc. grew its position in Gladstone Land by 9.8% in the second quarter. BlackRock Inc. now owns 2,569,756 shares of the real estate investment trust’s stock worth $41,810,000 after acquiring an additional 230,021 shares during the period. Geode Capital Management LLC increased its stake in Gladstone Land by 5.8% during the second quarter. Geode Capital Management LLC now owns 759,237 shares of the real estate investment trust’s stock worth $12,353,000 after acquiring an additional 41,546 shares during the last quarter. Finally, State Street Corp increased its position in shares of Gladstone Land by 4.8% during the 2nd quarter. State Street Corp now owns 749,154 shares of the real estate investment trust’s stock worth $12,189,000 after purchasing an additional 34,059 shares during the last quarter. Hedge funds and other institutional investors own 53.60% of the company’s stock.

Gladstone Land Company Profile

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.