Innovative Industrial Properties, Inc. (NYSE:IIPR) Plans $1.90 Quarterly Dividend

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Friday, December 13th,NASDAQ Dividends reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 1.90 per share on Wednesday, January 15th. This represents a $7.60 annualized dividend and a dividend yield of 7.26%. The ex-dividend date of this dividend is Tuesday, December 31st.

Innovative Industrial Properties has raised its dividend by an average of 19.3% per year over the last three years. Innovative Industrial Properties has a dividend payout ratio of 131.7% 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 Innovative Industrial Properties to earn $8.57 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 88.7%.

Innovative Industrial Properties Stock Up 0.9 %

Shares of NYSE IIPR traded up $0.91 during midday trading on Friday, hitting $104.72. The stock had a trading volume of 122,454 shares, compared to its average volume of 202,572. The company has a market cap of $2.97 billion, a P/E ratio of 18.65 and a beta of 1.30. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $117.98 and its 200-day moving average is $118.30. Innovative Industrial Properties has a 52 week low of $87.52 and a 52 week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.29 EPS. As a group, analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on IIPR. Piper Sandler reduced their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $127.67.

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.