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

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 10.91%.

Innovative Industrial Properties has increased its dividend payment by an average of 9.6% per year over the last three years. Innovative Industrial Properties has a dividend 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. Research 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 Trading Up 2.1 %

NYSE:IIPR opened at $69.64 on Friday. The stock’s 50 day moving average price is $70.53 and its 200 day moving average price is $99.92. Innovative Industrial Properties has a 52 week low of $62.45 and a 52 week high of $138.35. The company has a market capitalization of $1.97 billion, a P/E ratio of 12.59 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $118.00 to $70.00 in a report on Friday, December 20th. Roth Mkm lowered their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One research 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.00.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is owned by company insiders.

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.