Bank of America Corp DE Increases Stock Position in Gladstone Land Co. (NASDAQ:LAND)

Bank of America Corp DE grew its holdings in shares of Gladstone Land Co. (NASDAQ:LAND) by 25.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,798 shares of the real estate investment trust’s stock after purchasing an additional 14,881 shares during the period. Bank of America Corp DE’s holdings in Gladstone Land were worth $790,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Renaissance Technologies LLC boosted its stake in shares of Gladstone Land by 87.5% in the fourth quarter. Renaissance Technologies LLC now owns 245,600 shares of the real estate investment trust’s stock valued at $2,665,000 after buying an additional 114,600 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in Gladstone Land in the fourth quarter valued at $537,000. LPL Financial LLC boosted its position in shares of Gladstone Land by 119.5% during the 4th quarter. LPL Financial LLC now owns 76,469 shares of the real estate investment trust’s stock worth $830,000 after purchasing an additional 41,638 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Gladstone Land by 23.9% during the 4th quarter. JPMorgan Chase & Co. now owns 172,583 shares of the real estate investment trust’s stock worth $1,873,000 after purchasing an additional 33,285 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Gladstone Land by 7.1% during the 4th quarter. Northern Trust Corp now owns 458,975 shares of the real estate investment trust’s stock worth $4,980,000 after purchasing an additional 30,322 shares during the period. 53.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on LAND. Wall Street Zen upgraded shares of Gladstone Land from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. Alliance Global Partners reaffirmed a “neutral” rating on shares of Gladstone Land in a report on Tuesday, May 13th. Finally, Oppenheimer reissued an “outperform” rating on shares of Gladstone Land in a research note on Friday, May 23rd.

Insider Activity

In other news, Director Anthony W. Parker sold 6,601 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $11.02, for a total value of $72,743.02. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 7.20% of the company’s stock.

Gladstone Land Stock Up 1.5%

Gladstone Land stock opened at $9.79 on Monday. Gladstone Land Co. has a fifty-two week low of $8.66 and a fifty-two week high of $15.36. The firm has a market capitalization of $354.25 million, a price-to-earnings ratio of -33.76, a price-to-earnings-growth ratio of 3.74 and a beta of 1.12. The stock’s fifty day moving average is $9.66 and its two-hundred day moving average is $10.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.70 and a current ratio of 0.99.

Gladstone Land (NASDAQ:LAND) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. Gladstone Land had a net margin of 15.59% and a return on equity of 1.89%. The business had revenue of $16.80 million for the quarter, compared to analyst estimates of $17.30 million. Analysts predict that Gladstone Land Co. will post 0.52 EPS for the current fiscal year.

Gladstone Land Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 22nd were given a $0.0467 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a dividend yield of 5.92%. Gladstone Land’s dividend payout ratio is presently -224.00%.

Gladstone Land 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.