PNC Financial Services Group Inc. Grows Stake in Gladstone Land Corporation $LAND

PNC Financial Services Group Inc. lifted its stake in shares of Gladstone Land Corporation (NASDAQ:LAND) by 13.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 13,090 shares of the real estate investment trust’s stock after acquiring an additional 1,583 shares during the period. PNC Financial Services Group Inc.’s holdings in Gladstone Land were worth $138,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Moors & Cabot Inc. lifted its holdings in shares of Gladstone Land by 6.5% during the 1st quarter. Moors & Cabot Inc. now owns 98,700 shares of the real estate investment trust’s stock worth $1,038,000 after acquiring an additional 6,050 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Gladstone Land by 43.6% during the 1st quarter. Cetera Investment Advisers now owns 33,941 shares of the real estate investment trust’s stock worth $357,000 after acquiring an additional 10,312 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Gladstone Land by 8.7% during the 1st quarter. Allianz Asset Management GmbH now owns 99,874 shares of the real estate investment trust’s stock worth $1,051,000 after acquiring an additional 7,998 shares during the last quarter. Kestra Private Wealth Services LLC bought a new stake in shares of Gladstone Land during the 1st quarter worth $188,000. Finally, Sigma Planning Corp bought a new stake in shares of Gladstone Land during the 1st quarter worth $110,000. 53.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LAND. Oppenheimer reaffirmed an “outperform” rating on shares of Gladstone Land in a report on Friday, May 23rd. Alliance Global Partners reaffirmed a “neutral” rating on shares of Gladstone Land in a report on Tuesday, May 13th. Wall Street Zen raised shares of Gladstone Land from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Finally, Zacks Research raised shares of Gladstone Land to a “strong sell” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $14.50.

Gladstone Land Stock Performance

Shares of NASDAQ:LAND opened at $8.97 on Wednesday. The company has a market cap of $324.62 million, a price-to-earnings ratio of -20.39, a price-to-earnings-growth ratio of 6.55 and a beta of 1.11. The company has a 50-day moving average price of $9.91 and a 200-day moving average price of $10.17. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.74. Gladstone Land Corporation has a 12 month low of $8.47 and a 12 month high of $14.88.

Gladstone Land Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 22nd were paid a dividend of $0.0467 per share. This represents a dividend yield of 544.0%. The ex-dividend date of this dividend was Monday, July 21st. Gladstone Land’s dividend payout ratio is -127.27%.

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.