Zacks Investment Research upgraded shares of Gladstone Land (NASDAQ:LAND) from a sell rating to a hold rating in a research report report published on Saturday.
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, ValuEngine raised Gladstone Land from a hold rating to a buy rating in a research note on Thursday, November 1st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Gladstone Land currently has an average rating of Buy and an average target price of $14.67.
Shares of LAND opened at $12.59 on Friday. The stock has a market capitalization of $199.60 million, a P/E ratio of 22.48 and a beta of 0.98. Gladstone Land has a 1-year low of $11.36 and a 1-year high of $13.98. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.26 and a current ratio of 0.26.
The business also recently declared a dividend, which will be paid on Friday, November 30th. Investors of record on Tuesday, November 20th will be paid a $0.044 dividend. The ex-dividend date is Monday, November 19th. This is a boost from Gladstone Land’s previous dividend of $0.03. Gladstone Land’s dividend payout ratio (DPR) is currently 94.64%.
Institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers purchased a new position in Gladstone Land in the 2nd quarter worth about $174,000. Teachers Insurance & Annuity Association of America increased its stake in 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 worth $227,000 after purchasing an additional 6,122 shares in the last quarter. Strs Ohio increased its stake in Gladstone Land by 47.8% in the 2nd quarter. Strs Ohio now owns 22,299 shares of the real estate investment trust’s stock worth $282,000 after purchasing an additional 7,216 shares in the last quarter. Schwab Charles Investment Management Inc. purchased a new position in Gladstone Land in the 2nd quarter worth about $315,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Gladstone Land by 54.6% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 30,881 shares of the real estate investment trust’s stock worth $381,000 after purchasing an additional 10,901 shares in the last quarter. 35.85% of the stock is currently owned by hedge funds and other institutional investors.
About Gladstone Land
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 unrelated third-party farmers. The Company reports the current fair value of its farmland on a quarterly basis; as of June 30, 2018, the estimated net asset value of the Company was $13.51 per share.
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