Renaissance Technologies LLC Sells Shares of Gladstone Land Co. (NASDAQ:LAND)

Renaissance Technologies LLC has significantly reduced its stake in Gladstone Land Co. (NASDAQ:LAND) by 55.0% during the second quarter, according to their latest filings with the SEC. After selling 32,583 shares, the firm now holds 26,700 shares of the real estate investment trust (REIT), which accounts for approximately 0.07% of Gladstone Land, valued at $366,000 at the conclusion of the reporting period.

Multiple other institutional investors and hedge funds have also adjusted their shares in Gladstone Land recently. Trueblood Wealth Management LLC established a new position in the company during the second quarter, with a valuation of $192,000. Additionally, Rhumbline Advisers increased its holdings by 5.1% during the same period, totaling 62,105 shares valued at $850,000, after buying an additional 3,006 shares. Signaturefd LLC saw a significant raise in their position, growing by 3,910.3% to own 3,128 shares worth $43,000 after acquiring an extra 3,050 shares. Meanwhile, Pullen Investment Management LLC also increased its stake by 1.7%, now possessing 47,106 shares with a value of $645,000. LRI Investments LLC also entered the fray by purchasing new shares in the first quarter, valued at approximately $152,000. Collectively, institutional investors and hedge funds own around 53.60% of the company’s total stock.

Stock Performance of Gladstone Land

On Friday, NASDAQ:LAND opened at $13.51. The company currently has a 50-day moving average price of $13.82 and a 200-day moving average price of $13.60. Its financial metrics include a current ratio of 4.43, a quick ratio also at 4.43, and a debt-to-equity ratio of 0.78. The market capitalization stands at $484.20 million, along with a P/E ratio of -75.05 and a P/E/G ratio of 4.37, while the stock has a beta of 1.07. Over the past year, Gladstone Land has seen a lowest price of $12.31 and a highest price of $15.36.

Dividend Announcement by Gladstone Land

Recently, the company announced a monthly dividend payment, which is scheduled for November 29th. Shareholders on record as of November 20th will receive a dividend of $0.0467. This dividend equates to an annualized amount of $0.56, reflecting a dividend yield of 4.15%. The ex-dividend date for this payout will also be November 20th. Currently, Gladstone Land's dividend payout ratio is reported at -311.09%.

Wall Street Analysts' Outlook

In related news, Maxim Group has changed its recommendation for Gladstone Land from a “buy” to a “hold” in a report published on August 12th. The stock has received mixed ratings from analysts, with two giving hold ratings and two issuing buy ratings. As per data from MarketBeat.com, the consensus rating for the stock is categorized as a “Moderate Buy,” with an average target price set at $16.00.

Overview of Gladstone Land

Established in 1997, Gladstone Land is a publicly traded REIT focused on acquiring and managing farmland and related properties in key agricultural regions across the United States. The company leases its properties to independent farmers. As of now, Gladstone Land owns 169 farms, totaling approximately 116,000 acres across 15 states and over 45,000 acre-feet of banked water in California, with the overall holdings valued at about $1.6 billion.

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