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

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Wednesday, January 15th,Wall Street Journal reports. Shareholders of record on Wednesday, March 19th will be paid 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 yield of 5.26%. The ex-dividend date 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. Research 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 Stock Up 1.1 %

Shares of LAND traded up $0.12 during trading on Wednesday, reaching $10.65. The company’s stock had a trading volume of 182,640 shares, compared to its average volume of 273,287. The company has a market cap of $385.37 million, a price-to-earnings 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. The company has a fifty day moving average of $11.44 and a two-hundred day moving average of $13.03. Gladstone Land has a twelve month low of $10.27 and a twelve month high of $15.36.

Analyst Ratings Changes

Separately, Alliance Global Partners downgraded shares of Gladstone Land from a “buy” rating to a “neutral” rating and reduced 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.