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

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 dividend on an annualized basis and a dividend yield of 11.15%.

Innovative Industrial Properties has increased its dividend payment by an average of 9.6% annually over the last three years. Innovative Industrial Properties has a payout ratio of 142.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Performance

IIPR opened at $68.13 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The business has a fifty day simple moving average of $70.53 and a 200 day simple moving average of $99.92. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a market capitalization of $1.93 billion, a PE ratio of 12.32 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Research analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current year.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of the company’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 transaction of $536,109.45. Following the completion of the transaction, the director now directly owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IIPR shares. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report 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 for the company in a research report on Friday, February 21st. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $102.00.

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.