Innovative Industrial Properties, Inc. (IIPR) to Issue Quarterly Dividend of $1.90 on October 15th

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Friday, September 13th, NASDAQ reports. Shareholders of record on Monday, September 30th will be given a dividend of 1.90 per share on Tuesday, October 15th. This represents a $7.60 dividend on an annualized basis and a yield of 5.59%. The ex-dividend date is Monday, September 30th.

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 123.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Innovative Industrial Properties to earn $8.82 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 86.2%.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $135.84 on Friday. The stock has a market cap of $3.85 billion, a PE ratio of 23.83 and a beta of 1.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. The firm has a 50-day moving average of $123.79 and a 200-day moving average of $111.98. Innovative Industrial Properties has a 52-week low of $69.08 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The company had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. During the same quarter last year, the business earned $2.26 earnings per share. The company’s revenue was up 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Innovative Industrial Properties will post 8.47 EPS for the current year.

Wall Street Analyst Weigh In

IIPR has been the subject of several recent research reports. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Mkm upped their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Piper Sandler raised their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus target price of $130.00.

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.