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

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Friday, December 13th,NASDAQ Dividends reports. Shareholders 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 11.16%. The ex-dividend date of this dividend is Tuesday, December 31st.

Innovative Industrial Properties has increased its dividend payment by an average of 19.3% annually over the last three years. Innovative Industrial Properties has a dividend payout ratio of 146.7% 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 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

IIPR opened at $68.11 on Friday. The firm has a market cap of $1.93 billion, a P/E ratio of 12.12 and a beta of 1.30. Innovative Industrial Properties has a 1-year low of $67.66 and a 1-year high of $138.35. The company has a 50 day simple moving average of $108.06 and a two-hundred day simple moving average of $116.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share 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 firm had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same period in the prior year, the company posted $2.29 EPS. The company’s quarterly revenue was down 1.7% on a year-over-year basis. Equities analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IIPR. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Finally, BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.50.

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.