Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) announced a quarterly dividend on Friday, March 14th, RTT News reports. Investors of record on Monday, March 31st will be given 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 11.66%. The ex-dividend date is Monday, March 31st.
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 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. Equities 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 Stock Performance
NYSE IIPR traded up $0.99 during trading on Tuesday, reaching $65.20. 528,802 shares of the company's stock were exchanged, compared to its average volume of 239,096. The business has a 50 day moving average price of $70.50 and a 200-day moving average price of $98.77. The stock has a market capitalization of $1.85 billion, a P/E ratio of 11.79 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties has a fifty-two week low of $62.45 and a fifty-two week high of $138.35.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share 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. Sell-side analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several equities research analysts recently issued reports on IIPR shares. Piper Sandler cut their price target on Innovative Industrial Properties from $70.00 to $60.00 and set an "underweight" rating for the company in a research note on Monday. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research note on Tuesday. Compass Point lowered their price target on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Finally, JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $88.00.
Check Out Our Latest Report on IIPR
Insider Transactions at Innovative Industrial Properties
In related news, Director David Stecher sold 7,599 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company's stock.
About Innovative Industrial Properties
(
Get Free Report)
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.
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