Renaissance Technologies LLC Trims Stock Position in Gladstone Land Co. (NASDAQ:LAND)

Renaissance Technologies LLC cut its position in shares of Gladstone Land Co. (NASDAQ:LAND) by 55.0% during the second quarter, Holdings Channel.com reports. The firm owned 26,700 shares of the real estate investment trust’s stock after selling 32,583 shares during the quarter. Renaissance Technologies LLC’s holdings in Gladstone Land were worth $366,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Signaturefd LLC raised its stake in Gladstone Land by 3,910.3% during the second quarter. Signaturefd LLC now owns 3,128 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 3,050 shares during the period. M&G Plc purchased a new stake in shares of Gladstone Land in the 1st quarter valued at approximately $138,000. LRI Investments LLC purchased a new stake in shares of Gladstone Land in the 1st quarter valued at approximately $149,000. Trueblood Wealth Management LLC purchased a new stake in shares of Gladstone Land in the 2nd quarter valued at approximately $192,000. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of Gladstone Land in the 1st quarter valued at approximately $213,000. 53.60% of the stock is owned by hedge funds and other institutional investors.

Gladstone Land Price Performance

Gladstone Land stock opened at $13.51 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 4.43 and a current ratio of 4.43. The company has a market capitalization of $484.20 million, a price-to-earnings ratio of -75.05, a price-to-earnings-growth ratio of 4.37 and a beta of 1.07. The company’s 50 day simple moving average is $13.82 and its 200-day simple moving average is $13.60. Gladstone Land Co. has a 1 year low of $12.31 and a 1 year high of $15.36.

Gladstone Land Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Investors of record on Wednesday, November 20th will be issued a $0.0467 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Wednesday, November 20th. Gladstone Land’s dividend payout ratio (DPR) is currently -311.09%.

Analyst Ratings Changes

Separately, Maxim Group downgraded shares of Gladstone Land from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $16.00.

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.