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

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) declared 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 dividend 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. 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 Price Performance

IIPR stock traded down $0.69 during trading on Friday, hitting $56.19. The company had a trading volume of 228,774 shares, compared to its average volume of 275,317. The company has a fifty day moving average price of $54.12 and a two-hundred day moving average price of $67.60. Innovative Industrial Properties has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The company has a market cap of $1.57 billion, a P/E ratio of 10.16 and a beta of 1.70. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

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

Wall Street Analyst Weigh In

IIPR has been the topic of several research analyst reports. Compass Point reaffirmed a "sell" rating and set a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Wolfe Research started coverage on Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target on the stock. Roth Mkm dropped their price target 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. Piper Sandler decreased their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a report on Tuesday, April 15th. Finally, Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $78.67.

Institutional Investors Weigh In On Innovative Industrial Properties

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

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.