Gladstone Land Co. (NASDAQ:LAND) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its position in shares of Gladstone Land Co. (NASDAQ:LAND) by 55.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. 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 owned approximately 0.07% of Gladstone Land worth $366,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Trueblood Wealth Management LLC acquired a new stake in Gladstone Land during the second quarter valued at $192,000. Rhumbline Advisers grew its position in shares of Gladstone Land by 5.1% in the second quarter. Rhumbline Advisers now owns 62,105 shares of the real estate investment trust’s stock valued at $850,000 after purchasing an additional 3,006 shares during the period. Signaturefd LLC grew its position in shares of Gladstone Land by 3,910.3% in the second quarter. Signaturefd LLC now owns 3,128 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 3,050 shares during the period. Pullen Investment Management LLC grew its position in shares of Gladstone Land by 1.7% in the second quarter. Pullen Investment Management LLC now owns 47,106 shares of the real estate investment trust’s stock valued at $645,000 after purchasing an additional 803 shares during the period. Finally, LRI Investments LLC acquired a new stake in shares of Gladstone Land in the first quarter valued at about $152,000. Institutional investors and hedge funds own 53.60% of the company’s stock.

Gladstone Land Stock Performance

NASDAQ:LAND opened at $13.51 on Friday. The company’s 50-day moving average price is $13.82 and its 200-day moving average price is $13.60. The company has a current ratio of 4.43, a quick ratio of 4.43 and a debt-to-equity ratio of 0.78. The company has a market cap of $484.20 million, a P/E ratio of -75.05, a P/E/G ratio of 4.37 and a beta of 1.07. Gladstone Land Co. has a twelve month low of $12.31 and a twelve month high of $15.36.

Gladstone Land Cuts Dividend

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

Wall Street Analysts Forecast Growth

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