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

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Friday, December 13th,NASDAQ Dividends reports. Investors 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 is Tuesday, December 31st.

Innovative Industrial Properties has increased its dividend payment 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 Performance

NYSE IIPR traded up $0.91 on Friday, hitting $104.72. 122,454 shares of the stock were exchanged, compared to its average volume of 202,572. The company has a market capitalization of $2.97 billion, a PE ratio of 18.65 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The business’s fifty 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 issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $2.29 earnings per share. Research analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Analysts Set New Price Targets

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

About Innovative Industrial Properties

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.