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

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) announced a quarterly dividend on Friday, June 13th, RTT News reports. Stockholders of record on Monday, June 30th will be paid a dividend of 1.90 per share on Tuesday, July 15th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.53%.

Innovative Industrial Properties has a payout ratio of 176.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Price Performance

Shares of Innovative Industrial Properties stock traded down $0.69 on Friday, reaching $56.19. 228,774 shares of the stock were exchanged, compared to its average volume of 275,317. The firm's 50 day moving average is $54.12 and its 200-day moving average is $67.60. Innovative Industrial Properties has a one year low of $45.44 and a one year high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The firm has a market cap of $1.57 billion, a PE ratio of 10.16 and a beta of 1.70.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same period last year, the company posted $2.21 EPS. The business's revenue was down 5.7% on a year-over-year basis. As a group, analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. grew its holdings in shares of Innovative Industrial Properties by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company's stock valued at $11,433,000 after buying an additional 13,291 shares during the last quarter. Millennium Management LLC lifted its position in shares of Innovative Industrial Properties by 1,131.0% during the first quarter. Millennium Management LLC now owns 157,509 shares of the company's stock valued at $8,520,000 after purchasing an additional 144,714 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Innovative Industrial Properties during the first quarter valued at about $1,470,000. Amundi lifted its position in shares of Innovative Industrial Properties by 3.4% during the first quarter. Amundi now owns 15,766 shares of the company's stock valued at $826,000 after purchasing an additional 523 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Innovative Industrial Properties by 34.4% during the first quarter. Royal Bank of Canada now owns 14,318 shares of the company's stock valued at $773,000 after purchasing an additional 3,667 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IIPR shares. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Wolfe Research began coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price objective for the company. Piper Sandler dropped their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Roth Mkm dropped their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Finally, Compass Point reissued a "sell" rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $78.67.

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.