Gladstone Land Corp (NASDAQ:LAND) declared a monthly dividend on Wednesday, July 11th, Wall Street Journal reports. Investors of record on Wednesday, September 19th will be given a dividend of 0.0444 per share by the real estate investment trust on Friday, September 28th. This represents a $0.53 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Tuesday, September 18th.

Gladstone Land has raised its dividend payment by an average of 13.3% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Gladstone Land has a payout ratio of 112.8% meaning 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 should continue to be able to cover its $0.53 annual dividend with an expected future payout ratio of 94.6%.

Shares of Gladstone Land stock opened at $12.97 on Thursday. The firm has a market capitalization of $208.92 million, a price-to-earnings ratio of 24.95 and a beta of 1.11. Gladstone Land has a 12-month low of $11.36 and a 12-month high of $14.29. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.26 and a current ratio of 0.26.

Separately, Zacks Investment Research raised shares of Gladstone Land from a “sell” rating to a “hold” rating in a report on Wednesday, September 5th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Gladstone Land presently has an average rating of “Hold” and an average price target of $14.67.

An institutional investor recently raised its position in Gladstone Land stock. Bank of New York Mellon Corp boosted its position in Gladstone Land Corp (NASDAQ:LAND) by 70.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 80,239 shares of the real estate investment trust’s stock after acquiring an additional 33,119 shares during the period. Bank of New York Mellon Corp owned 0.50% of Gladstone Land worth $1,017,000 at the end of the most recent reporting period. 36.07% of the stock is currently owned by hedge funds and other institutional investors.

Gladstone Land Company Profile

Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmers. The Company reports the current fair value of its farmland on a quarterly basis; as of June 30, 2018, the estimated net asset value of the Company was $13.51 per share.

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Dividend History for Gladstone Land (NASDAQ:LAND)

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