Gladstone Land Co. (NASDAQ:LAND) Receives $16.00 Average Target Price from Brokerages

Shares of Gladstone Land Co. (NASDAQ:LAND) have been assigned an average rating of “Moderate Buy” from the four brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $16.00.

A number of brokerages have weighed in on LAND. Oppenheimer decreased their price target on shares of Gladstone Land from $20.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, May 15th. Maxim Group cut their target price on shares of Gladstone Land from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Finally, Alliance Global Partners started coverage on shares of Gladstone Land in a research report on Tuesday, June 11th. They set a “buy” rating and a $16.00 price target for the company.

Hedge Funds Weigh In On Gladstone Land

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LAND. Pullen Investment Management LLC boosted its holdings in Gladstone Land by 1.7% in the second quarter. Pullen Investment Management LLC now owns 47,106 shares of the real estate investment trust’s stock valued at $645,000 after purchasing an additional 803 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Gladstone Land by 1.7% during the 4th quarter. Victory Capital Management Inc. now owns 48,661 shares of the real estate investment trust’s stock valued at $703,000 after buying an additional 824 shares during the last quarter. Millburn Ridgefield Corp grew its position in shares of Gladstone Land by 7.6% during the first quarter. Millburn Ridgefield Corp now owns 12,559 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 885 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Gladstone Land by 250.2% in the fourth quarter. Quadrant Capital Group LLC now owns 2,290 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,636 shares during the last quarter. Finally, Kovack Advisors Inc. raised its holdings in Gladstone Land by 11.0% in the fourth quarter. Kovack Advisors Inc. now owns 16,735 shares of the real estate investment trust’s stock valued at $242,000 after acquiring an additional 1,653 shares in the last quarter. 53.60% of the stock is owned by hedge funds and other institutional investors.

Gladstone Land Price Performance

LAND stock opened at $13.95 on Wednesday. The stock has a market capitalization of $499.94 million, a price-to-earnings ratio of 233.17, a price-to-earnings-growth ratio of 4.03 and a beta of 1.08. The company has a quick ratio of 6.14, a current ratio of 6.14 and a debt-to-equity ratio of 0.76. Gladstone Land has a 52-week low of $12.31 and a 52-week high of $17.09. The stock’s fifty day simple moving average is $13.92 and its 200-day simple moving average is $13.46.

Gladstone Land Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 20th will be issued a dividend of $0.0467 per share. This represents a $0.56 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Friday, September 20th. Gladstone Land’s payout ratio is 933.33%.

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.