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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Friday, October 11th, Wall Street Journal reports. Stockholders of record on Wednesday, November 20th will be paid a dividend of 0.0467 per share by the real estate investment trust on Friday, November 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Wednesday, November 20th.

Gladstone Land has a dividend payout ratio of -147.4% meaning 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 $0.56 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 100.0%.

Gladstone Land Price Performance

Shares of LAND stock traded up $0.05 during mid-day trading on Friday, reaching $13.51. The company’s stock had a trading volume of 130,103 shares, compared to its average volume of 180,632. Gladstone Land has a 1-year low of $12.31 and a 1-year high of $15.36. The company has a market cap of $484.20 million, a P/E ratio of -75.05, a PEG ratio of 4.37 and a beta of 1.07. The company has a debt-to-equity ratio of 0.78, a quick ratio of 4.43 and a current ratio of 4.43. The firm’s 50-day moving average is $13.82 and its two-hundred day moving average is $13.60.

Wall Street Analysts Forecast Growth

Separately, Maxim Group lowered shares of Gladstone Land from a “buy” rating to a “hold” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.