Gladstone Land (NASDAQ:LAND) Releases Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Gladstone Land (NASDAQ:LAND) announced its earnings results on Tuesday. The real estate investment trust reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.24, FiscalAI reports. The business had revenue of $31.47 million for the quarter, compared to the consensus estimate of $16.54 million. Gladstone Land had a negative return on equity of 0.96% and a negative net margin of 7.31%.

Gladstone Land Trading Down 1.4%

NASDAQ:LAND traded down $0.10 during trading hours on Tuesday, hitting $6.88. 968,877 shares of the stock were exchanged, compared to its average volume of 692,614. The company’s 50 day moving average is $9.05 and its two-hundred day moving average is $9.57. Gladstone Land has a twelve month low of $6.83 and a twelve month high of $13.00. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $296.80 million, a P/E ratio of -12.51 and a beta of 1.17.

Gladstone Land Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Monday, December 21st will be issued a dividend of $0.0467 per share. The ex-dividend date of this dividend is Monday, December 21st. This represents a $0.56 annualized dividend and a yield of 8.1%. Gladstone Land’s dividend payout ratio is currently -101.82%.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Gladstone Land from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Gladstone Land currently has a consensus rating of “Hold” and a consensus price target of $10.00.

About Gladstone Land

Gladstone Land Corporation is a real estate investment trust (REIT) that owns and leases farmland. The company focuses primarily on high-quality agricultural properties that produce specialty crops, such as fruits, vegetables, nuts and vineyards, as well as annual row crops. Gladstone Land generally leases its properties to experienced farmers and agricultural operators under long-term, often triple-net lease agreements. These arrangements typically make tenants responsible for property operating expenses, while the company seeks to generate rental income from a diversified portfolio of farmland.