Gladstone Commercial Co. (NASDAQ:GOOD) declared a monthly dividend on Thursday, January 13th, Wall Street Journal reports. Investors of record on Friday, February 18th will be given a dividend of 0.1254 per share by the real estate investment trust on Monday, February 28th. This represents a $1.50 annualized dividend and a dividend yield of 6.10%. The ex-dividend date is Thursday, February 17th. This is a positive change from Gladstone Commercial’s previous monthly dividend of $0.13.
Gladstone Commercial has raised its dividend payment by 0.2% over the last three years and has increased its dividend annually for the last 2 consecutive years. Gladstone Commercial has a payout ratio of 3,000.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Gladstone Commercial to earn $1.65 per share next year, which means the company should continue to be able to cover its $1.50 annual dividend with an expected future payout ratio of 90.9%.
NASDAQ GOOD opened at $24.68 on Friday. The stock has a 50-day simple moving average of $23.61 and a 200 day simple moving average of $22.73. The company has a debt-to-equity ratio of 3.34, a quick ratio of 6.05 and a current ratio of 6.05. The stock has a market capitalization of $919.82 million, a PE ratio of 493.60, a P/E/G ratio of 2.51 and a beta of 1.03. Gladstone Commercial has a twelve month low of $17.46 and a twelve month high of $26.13.
In other Gladstone Commercial news, CFO Gary Gerson purchased 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 9th. The shares were acquired at an average cost of $22.96 per share, for a total transaction of $80,360.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.74% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. UBS Group AG lifted its stake in shares of Gladstone Commercial by 22.6% in the 3rd quarter. UBS Group AG now owns 7,824 shares of the real estate investment trust’s stock valued at $164,000 after purchasing an additional 1,440 shares during the period. Royal Bank of Canada lifted its stake in shares of Gladstone Commercial by 14.1% in the 3rd quarter. Royal Bank of Canada now owns 22,177 shares of the real estate investment trust’s stock valued at $466,000 after purchasing an additional 2,743 shares during the period. LPL Financial LLC lifted its stake in shares of Gladstone Commercial by 42.1% in the 3rd quarter. LPL Financial LLC now owns 20,984 shares of the real estate investment trust’s stock valued at $441,000 after purchasing an additional 6,212 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of Gladstone Commercial by 239.9% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 9,476 shares of the real estate investment trust’s stock valued at $199,000 after purchasing an additional 6,688 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Gladstone Commercial by 4.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 298,939 shares of the real estate investment trust’s stock valued at $6,286,000 after purchasing an additional 12,653 shares during the period. Hedge funds and other institutional investors own 50.23% of the company’s stock.
Several equities analysts have commented on GOOD shares. Zacks Investment Research cut Gladstone Commercial from a “buy” rating to a “hold” rating in a report on Wednesday, January 5th. Colliers Securities reaffirmed a “buy” rating and issued a $26.00 price target on shares of Gladstone Commercial in a report on Monday, November 29th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $26.50.
About Gladstone Commercial
Gladstone Commercial Corp. is a real estate investment trust, which engages in the acquisition, managing and ownership of office and industrial properties. Its portfolio consists of single-tenant commercial and industrial real properties. The company was founded by David John Gladstone on February 14, 2003 and is headquartered in McLean, VA.
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