State of New Jersey Common Pension Fund D Lowers Holdings in Gladstone Land Co. (NASDAQ:LAND)

State of New Jersey Common Pension Fund D reduced its stake in shares of Gladstone Land Co. (NASDAQ:LAND) by 32.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 213,016 shares of the real estate investment trust’s stock after selling 101,984 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Gladstone Land were worth $2,916,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Tidal Investments LLC acquired a new stake in Gladstone Land during the first quarter worth about $652,000. Quadrant Capital Group LLC grew its stake in shares of Gladstone Land by 250.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,290 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 1,636 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Gladstone Land during the 4th quarter valued at approximately $173,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Gladstone Land by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,922 shares of the real estate investment trust’s stock valued at $306,000 after purchasing an additional 3,421 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Gladstone Land by 1.7% during the fourth quarter. Victory Capital Management Inc. now owns 48,661 shares of the real estate investment trust’s stock worth $703,000 after buying an additional 824 shares in the last quarter. Hedge funds and other institutional investors own 53.60% of the company’s stock.

Gladstone Land Stock Down 0.9 %

Shares of NASDAQ LAND opened at $14.43 on Thursday. Gladstone Land Co. has a 52-week low of $12.31 and a 52-week high of $15.36. The company has a quick ratio of 4.43, a current ratio of 4.43 and a debt-to-equity ratio of 0.78. The company’s 50-day simple moving average is $14.15 and its 200-day simple moving average is $13.52. The firm has a market cap of $517.14 million, a price-to-earnings ratio of 240.50, a price-to-earnings-growth ratio of 4.47 and a beta of 1.07.

Gladstone Land Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 20th will be issued a dividend of $0.0467 per share. The ex-dividend date of this dividend is Friday, September 20th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.88%. Gladstone Land’s payout ratio is currently 933.33%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on LAND shares. Alliance Global Partners began coverage on shares of Gladstone Land in a report on Tuesday, June 11th. They issued a “buy” rating and a $16.00 price objective for the company. Maxim Group downgraded Gladstone Land from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.00.

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.