Innovative Industrial Properties, Inc. (NYSE:IIPR) to Issue Dividend Increase – $1.90 Per Share

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Friday, June 14th, Zacks reports. Shareholders of record on Friday, June 28th will be paid a dividend of 1.90 per share on Monday, July 15th. This represents a $7.60 annualized dividend and a yield of 7.13%. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.82.

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 payout ratio of 124.4% 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 $8.79 per share next year, which means the company should continue to be able to cover its $7.28 annual dividend with an expected future payout ratio of 82.8%.

Innovative Industrial Properties Trading Up 0.3 %

Innovative Industrial Properties stock opened at $106.62 on Friday. Innovative Industrial Properties has a 12 month low of $69.08 and a 12 month high of $115.75. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 18.71 and a beta of 1.51. The business has a 50 day moving average price of $104.84 and a two-hundred day moving average price of $98.51. The company has a quick ratio of 14.27, a current ratio of 14.27 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, May 8th. The company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.74). Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. The firm had revenue of $75.45 million during the quarter, compared to analyst estimates of $79.65 million. As a group, equities analysts forecast that Innovative Industrial Properties will post 8.5 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised their target price on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th.

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.