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

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced 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 dividend on an annualized basis and a 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% annually 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. Equities research 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

Shares of NYSE:IIPR opened at $104.72 on Friday. The firm has a fifty day simple moving average of $117.98 and a two-hundred day simple moving average of $118.39. 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 stock has a market capitalization of $2.97 billion, a P/E ratio of 18.63 and a beta of 1.30. 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 released its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter in the prior year, the business posted $2.29 EPS. The company’s revenue was down 1.7% on a year-over-year basis. On average, analysts expect that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

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