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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Monday, April 15th, Wall Street Journal reports. Stockholders of record on Wednesday, June 19th will be given a dividend of 0.0466 per share by the real estate investment trust on Friday, June 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date is Tuesday, June 18th.

Gladstone Land has raised its dividend by an average of 1.0% annually over the last three years and has increased its dividend annually for the last 10 consecutive years. Gladstone Land has a dividend 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. Research 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 Stock Performance

LAND stock opened at $12.63 on Tuesday. 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 12 month low of $12.57 and a 12 month high of $17.48. The firm has a 50-day moving average price of $13.15 and a 200-day moving average price of $13.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Gladstone Land by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 3,492,241 shares of the real estate investment trust’s stock valued at $50,463,000 after buying an additional 16,302 shares during the last quarter. BlackRock Inc. raised its holdings in Gladstone Land by 9.8% in the 2nd quarter. BlackRock Inc. now owns 2,569,756 shares of the real estate investment trust’s stock valued at $41,810,000 after buying an additional 230,021 shares during the last quarter. Geode Capital Management LLC raised its holdings in Gladstone Land by 5.8% in the 2nd quarter. Geode Capital Management LLC now owns 759,237 shares of the real estate investment trust’s stock valued at $12,353,000 after buying an additional 41,546 shares during the last quarter. Finally, State Street Corp raised its holdings in Gladstone Land by 4.8% in the 2nd quarter. State Street Corp now owns 749,154 shares of the real estate investment trust’s stock valued at $12,189,000 after buying an additional 34,059 shares during the last quarter. 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.