Innovative Industrial Properties Inc (NYSE:IIPR) Raises Dividend to $1.06 Per Share

Innovative Industrial Properties Inc (NYSE:IIPR) declared a quarterly dividend on Monday, June 15th, Zacks reports. Investors of record on Tuesday, June 30th will be given a dividend of 1.06 per share on Wednesday, July 15th. This represents a $4.24 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend is Monday, June 29th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.00.

Innovative Industrial Properties has a dividend payout ratio of 110.8% 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 $7.15 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 55.9%.

Shares of NYSE IIPR opened at $89.26 on Friday. The stock’s 50-day moving average is $85.73 and its two-hundred day moving average is $81.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 292.08 and a quick ratio of 292.08. Innovative Industrial Properties has a 1-year low of $40.21 and a 1-year high of $139.53. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 37.98 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by ($0.27). Innovative Industrial Properties had a return on equity of 6.14% and a net margin of 53.76%. The company had revenue of $21.13 million for the quarter, compared to analysts’ expectations of $21.20 million. Equities research analysts anticipate that Innovative Industrial Properties will post 5.18 earnings per share for the current fiscal year.

Several equities research analysts have weighed in on IIPR shares. LADENBURG THALM/SH SH upped their price target on Innovative Industrial Properties from $83.50 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Compass Point increased their price objective on Innovative Industrial Properties from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Roth Capital began coverage on Innovative Industrial Properties in a report on Monday, March 16th. They issued a “buy” rating and a $110.00 price objective on the stock. Zacks Investment Research downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Thursday, May 28th. Finally, ValuEngine upgraded Innovative Industrial Properties from a “sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Innovative Industrial Properties presently has a consensus rating of “Buy” and a consensus price target of $99.60.

Innovative Industrial Properties Company Profile

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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Dividend History for Innovative Industrial Properties (NYSE:IIPR)

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