Zacks Investment Research upgraded shares of Gladstone Land (NASDAQ:LAND) from a sell rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “Gladstone Land Corporation is a real estate investment trust. The company acquires and leases farmland to corporate and independent farmers. Its properties are situated in California and Florida. Gladstone Land Corporation is based in McLean, Virginia. “
Separately, Maxim Group reissued a buy rating and set a $15.00 target price on shares of Gladstone Land in a research note on Wednesday, May 9th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $14.67.
Gladstone Land stock opened at $13.16 on Wednesday. The company has a market capitalization of $220.17 million, a P/E ratio of 26.30 and a beta of 1.11. Gladstone Land has a 52 week low of $11.36 and a 52 week high of $14.29. The company has a debt-to-equity ratio of 2.17, a current ratio of 0.26 and a quick ratio of 0.26.
The business also recently announced a monthly dividend, which was paid on Friday, August 31st. Shareholders of record on Tuesday, August 21st were paid a dividend of $0.0444 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend was Monday, August 20th. Gladstone Land’s dividend payout ratio (DPR) is currently 94.64%.
Several large investors have recently modified their holdings of the business. Northern Trust Corp boosted its stake in shares of Gladstone Land by 7.8% during the 1st quarter. Northern Trust Corp now owns 61,918 shares of the real estate investment trust’s stock valued at $748,000 after buying an additional 4,494 shares during the period. Millennium Management LLC lifted its stake in shares of Gladstone Land by 8.0% in the 4th quarter. Millennium Management LLC now owns 67,612 shares of the real estate investment trust’s stock valued at $908,000 after purchasing an additional 5,037 shares during the last quarter. Teachers Insurance & Annuity Association of America lifted its stake in shares of Gladstone Land by 52.0% in the 2nd quarter. Teachers Insurance & Annuity Association of America now owns 17,897 shares of the real estate investment trust’s stock valued at $227,000 after purchasing an additional 6,122 shares during the last quarter. Strs Ohio lifted its stake in shares of Gladstone Land by 47.8% in the 2nd quarter. Strs Ohio now owns 22,299 shares of the real estate investment trust’s stock valued at $282,000 after purchasing an additional 7,216 shares during the last quarter. Finally, Wedbush Securities Inc. acquired a new stake in shares of Gladstone Land in the 1st quarter valued at $122,000. 36.07% of the stock is owned by institutional investors.
Gladstone Land Company Profile
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to farmers. The Company reports the current fair value of its farmland on a quarterly basis; as of March 31, 2018, the estimated net asset value of the Company was $13.57 per share.
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