Innovative Industrial Properties, Inc. to Issue Quarterly Dividend of $1.90 (NYSE:IIPR)

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Friday, March 14th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 1.90 per share on Tuesday, April 15th. This represents a $7.60 annualized dividend and a dividend yield of 11.92%. The ex-dividend date of this dividend is Monday, March 31st.

Innovative Industrial Properties has raised its dividend by an average of 9.6% annually over the last three years. Innovative Industrial Properties has a dividend payout ratio of 152.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Innovative Industrial Properties to earn $8.84 per share next year, which means the company should continue to be able to cover its $7.60 annual dividend with an expected future payout ratio of 86.0%.

Innovative Industrial Properties Stock Down 2.0 %

Shares of NYSE:IIPR opened at $63.77 on Friday. The stock’s 50-day moving average is $70.26 and its 200 day moving average is $95.48. The company has a market cap of $1.81 billion, a PE ratio of 11.53 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties has a 1 year low of $61.72 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Sell-side analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IIPR. Piper Sandler reduced their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a report on Monday, March 17th. Industrial Alliance Securities set a $60.00 price objective on shares of Innovative Industrial Properties in a research report on Tuesday, March 18th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Roth Mkm dropped their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Compass Point reduced their price target on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus price target of $88.00.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.