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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Wednesday, January 15th,Wall Street Journal reports. Stockholders of record on Wednesday, March 19th will be given a dividend of 0.0467 per share by the real estate investment trust on Monday, March 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date of this dividend is Wednesday, March 19th.

Gladstone Land has a payout ratio of -311.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Gladstone Land to earn $0.52 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 107.7%.

Gladstone Land Trading Up 1.1 %

Shares of LAND traded up $0.12 during mid-day trading on Wednesday, hitting $10.65. The company had a trading volume of 182,640 shares, compared to its average volume of 273,287. Gladstone Land has a 1-year low of $10.27 and a 1-year high of $15.36. The business’s 50-day simple moving average is $11.44 and its 200-day simple moving average is $13.03. The stock has a market cap of $385.37 million, a PE ratio of -40.96, a P/E/G ratio of 3.84 and a beta of 1.05. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.77.

Analysts Set New Price Targets

Separately, Alliance Global Partners cut shares of Gladstone Land from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $16.00 to $14.50 in a research note on Friday, November 8th.

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.