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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Friday, April 12th, Wall Street Journal reports. Shareholders of record on Friday, May 17th will be paid a dividend of 0.0466 per share by the real estate investment trust on Friday, May 31st. This represents a $0.56 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Thursday, May 16th.

Gladstone Land has raised its dividend by an average of 1.0% per year over the last three years and has increased its dividend every year for the last 10 years. Gladstone Land has a payout ratio of -193.1% 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 $0.70 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 80.0%.

Gladstone Land Price Performance

Shares of NASDAQ LAND opened at $12.89 on Friday. The business has a fifty day moving average of $13.17 and a two-hundred day moving average of $13.83. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.80 and a quick ratio of 1.80. Gladstone Land has a 52-week low of $12.72 and a 52-week high of $17.48.

Hedge Funds Weigh In On Gladstone Land

Several institutional investors have recently bought and sold shares of LAND. Raymond James & Associates raised its holdings in shares of Gladstone Land by 18.1% in the first quarter. Raymond James & Associates now owns 45,872 shares of the real estate investment trust’s stock valued at $1,671,000 after buying an additional 7,015 shares during the last quarter. HighTower Advisors LLC acquired a new stake in Gladstone Land in the first quarter worth about $463,000. Cetera Advisor Networks LLC acquired a new position in Gladstone Land in the first quarter valued at approximately $308,000. MetLife Investment Management LLC raised its position in shares of Gladstone Land by 55.4% during the 1st quarter. MetLife Investment Management LLC now owns 16,827 shares of the real estate investment trust’s stock valued at $613,000 after acquiring an additional 6,000 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Gladstone Land by 5.4% in the 1st quarter. Rhumbline Advisers now owns 39,334 shares of the real estate investment trust’s stock valued at $1,433,000 after purchasing an additional 2,031 shares during the period. Institutional investors own 53.60% of the company’s stock.

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.