Gladstone Land (LAND) Receives Buy Rating from Ladenburg Thalmann Financial Services
Ladenburg Thalmann Financial Services reiterated their buy rating on shares of Gladstone Land (NASDAQ:LAND) in a research report sent to investors on Friday. The firm currently has a $15.00 price target on the real estate investment trust’s stock, up from their prior price target of $14.00.
“We continue to focus on external growth potential, as weak YTD internal growth seems driven by unique circumstances; reiterate BUY—Gladstone Land had a robust quarter in terms of acquisitions, closing $38.2M of transactions in 3Q’17 helping bring YTD purchases to $122.7M. Furthermore, with the completion of two follow-on offerings this year, LAND has ample runway for additional investments, with management stating on the REIT’s 3Q’17 earnings call that they had $35M of cash buying power. However, LAND’s internal growth has been weak, with average rent increases on renewals of ~1% on a YTD basis and a 12.5% decrease in rent from the two renewals completed in 3Q’17. Additionally, subsequent to quarter end, the REIT replaced a struggling tenant at one of the recently renewed farms, taking over operations via LAND’s taxable REIT subsidiary (TRS).”,” the firm’s analyst commented.
A number of other research firms have also issued reports on LAND. Zacks Investment Research lowered shares of Gladstone Land from a buy rating to a hold rating in a report on Friday, November 10th. Hilliard Lyons lowered shares of Gladstone Land from a buy rating to a neutral rating in a report on Wednesday, November 8th.
Gladstone Land (LAND) traded up $0.09 during trading hours on Friday, reaching $13.49. 26,309 shares of the company’s stock were exchanged, compared to its average volume of 40,565. The stock has a market cap of $182.75, a price-to-earnings ratio of 24.14 and a beta of 0.98. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.86 and a current ratio of 0.86. Gladstone Land has a 52 week low of $10.35 and a 52 week high of $14.29.
The business also recently disclosed a monthly dividend, which was paid on Thursday, November 30th. Stockholders of record on Monday, November 20th were issued a dividend of $0.0441 per share. The ex-dividend date was Friday, November 17th. This represents a $0.53 annualized dividend and a dividend yield of 3.92%. Gladstone Land’s payout ratio is currently 1,767.26%.
Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Gladstone Land by 1.2% during the 1st quarter. Bank of America Corp DE now owns 9,618 shares of the real estate investment trust’s stock worth $107,000 after acquiring an additional 118 shares during the period. Stelac Advisory Services LLC lifted its holdings in shares of Gladstone Land by 4.9% during the 2nd quarter. Stelac Advisory Services LLC now owns 11,849 shares of the real estate investment trust’s stock worth $138,000 after acquiring an additional 552 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Gladstone Land by 5.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 15,996 shares of the real estate investment trust’s stock worth $187,000 after acquiring an additional 804 shares during the period. Strs Ohio lifted its holdings in shares of Gladstone Land by 8.9% during the 2nd quarter. Strs Ohio now owns 11,595 shares of the real estate investment trust’s stock worth $135,000 after acquiring an additional 943 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Gladstone Land by 9.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 31,841 shares of the real estate investment trust’s stock worth $372,000 after acquiring an additional 2,790 shares during the period. Institutional investors and hedge funds own 26.34% of the company’s stock.
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About Gladstone Land
Gladstone Land Corporation is an agricultural real estate investment trust (REIT). The Company is engaged in the business of owning and leasing farmland. The Company also owns various farm-related facilities, such as cooling facilities, buildings utilized for the storage and assembly of boxes for shipping produce (box barns), packinghouses, processing facilities and various storage facilities.
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