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

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared 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. 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 Price Performance

IIPR stock opened at $68.11 on Friday. The stock has a market cap of $1.93 billion, a PE ratio of 12.12 and a beta of 1.30. Innovative Industrial Properties has a 12 month low of $67.66 and a 12 month high of $138.35. The company has a 50-day moving average price of $108.06 and a 200 day moving average price of $116.61. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter last year, the firm earned $2.29 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IIPR has been the topic of a number of recent analyst reports. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $118.00 to $70.00 in a report on Friday, December 20th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.