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

Gladstone Land Co. (NASDAQ:LAND) declared a monthly dividend on Monday, April 15th, Wall Street Journal reports. Investors 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 yield of 4.43%. The ex-dividend date is Tuesday, June 18th.

Gladstone Land has increased its dividend payment by an average of 1.0% per year over the last three years and has raised its dividend every year for the last 10 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. Equities 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 Price Performance

LAND opened at $12.63 on Tuesday. Gladstone Land has a one year low of $12.57 and a one year high of $17.48. The business’s 50 day moving average price is $13.15 and its 200 day moving average price is $13.82. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 0.80.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LAND. Raymond James & Associates raised its position in 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 purchasing an additional 7,015 shares during the period. HighTower Advisors LLC purchased a new stake in shares of Gladstone Land during the first quarter worth $463,000. Cetera Advisor Networks LLC purchased a new stake in shares of Gladstone Land during the first quarter worth $308,000. MetLife Investment Management LLC increased its position in shares of Gladstone Land by 55.4% during the first quarter. MetLife Investment Management LLC now owns 16,827 shares of the real estate investment trust’s stock worth $613,000 after acquiring an additional 6,000 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Gladstone Land by 5.4% during the first quarter. Rhumbline Advisers now owns 39,334 shares of the real estate investment trust’s stock worth $1,433,000 after acquiring an additional 2,031 shares during the period. 53.60% of the stock is currently owned by institutional investors and hedge funds.

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.