Gladstone Land Co. (NASDAQ:LAND) Increases Dividend to $0.05 Per Share

Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Tuesday, April 9th, Zacks reports. Investors of record on Friday, April 19th will be given a dividend of 0.047 per share by the real estate investment trust on Tuesday, April 30th. This represents a $0.56 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date of this dividend is Thursday, April 18th. This is a boost from Gladstone Land’s previous monthly dividend of $0.05.

Gladstone Land has increased its dividend by an average of 1.0% annually over the last three years and has raised its dividend every year for the last 10 years. Gladstone Land has a payout ratio of -193.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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

NASDAQ:LAND opened at $12.42 on Wednesday. Gladstone Land has a 52 week low of $12.41 and a 52 week high of $17.48. The firm has a 50 day moving average of $13.12 and a 200 day moving average of $13.81. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.80 and a quick ratio of 1.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. raised its holdings in shares of Gladstone Land by 1.1% in the first quarter. Federated Hermes Inc. now owns 53,238 shares of the real estate investment trust’s stock worth $1,939,000 after buying an additional 566 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Gladstone Land by 4.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,767 shares of the real estate investment trust’s stock worth $308,000 after buying an additional 672 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Gladstone Land by 80.5% in the first quarter. Great West Life Assurance Co. Can now owns 1,565 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 698 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in shares of Gladstone Land by 1.9% in the fourth quarter. Advisor Group Holdings Inc. now owns 39,234 shares of the real estate investment trust’s stock worth $720,000 after acquiring an additional 717 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Gladstone Land by 0.8% in the fourth quarter. JPMorgan Chase & Co. now owns 101,942 shares of the real estate investment trust’s stock worth $1,869,000 after acquiring an additional 778 shares during the period. Hedge funds and other institutional investors own 53.60% of the company’s stock.

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.