Innovative Industrial Properties (IIPR) Sets New 1-Year High After Dividend Announcement

Innovative Industrial Properties Inc (NYSE:IIPR) shares hit a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $83.00 and last traded at $78.30, with a volume of 31811 shares trading hands. The stock had previously closed at $77.87.

The newly announced dividend which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.24%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, March 28th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 208.96%.

IIPR has been the subject of a number of analyst reports. TheStreet raised shares of Innovative Industrial Properties from a “c” rating to a “b-” rating in a report on Friday, November 30th. Zacks Investment Research raised shares of Innovative Industrial Properties from a “sell” rating to a “hold” rating in a report on Wednesday, December 12th. Finally, BTIG Research initiated coverage on shares of Innovative Industrial Properties in a report on Monday, January 14th. They set a “buy” rating and a $60.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, Innovative Industrial Properties has an average rating of “Buy” and a consensus target price of $56.50.

The firm has a market cap of $741.51 million, a PE ratio of 119.84 and a beta of 1.74.

A number of hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC bought a new position in Innovative Industrial Properties during the 4th quarter valued at about $573,000. grace capital bought a new position in Innovative Industrial Properties during the 4th quarter valued at about $565,000. Legal & General Group Plc lifted its holdings in Innovative Industrial Properties by 50.0% during the 4th quarter. Legal & General Group Plc now owns 1,440 shares of the company’s stock valued at $65,000 after purchasing an additional 480 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in Innovative Industrial Properties by 326.9% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,676 shares of the company’s stock valued at $167,000 after purchasing an additional 2,815 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Innovative Industrial Properties by 262.1% during the 4th quarter. Bank of America Corp DE now owns 8,161 shares of the company’s stock valued at $371,000 after purchasing an additional 5,907 shares during the last quarter. 56.78% of the stock is owned by hedge funds and other institutional investors.

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Innovative Industrial Properties Company Profile (NYSE:IIPR)

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

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