Innovative Industrial Properties, Inc. (IIPR) To Go Ex-Dividend on March 31st

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Friday, March 14th, RTT News reports. Shareholders of record on Monday, March 31st will be paid a dividend of 1.90 per share on Tuesday, April 15th. This represents a $7.60 annualized dividend and a yield of 11.92%. The ex-dividend date of this dividend is Monday, March 31st.

Innovative Industrial Properties has raised its dividend payment by an average of 9.6% per year over the last three years. Innovative Industrial Properties has a payout ratio of 152.6% 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 Trading Down 2.0 %

NYSE:IIPR opened at $63.77 on Friday. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 11.53 and a beta of 1.49. 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 business has a fifty day moving average of $70.26 and a 200-day moving average of $95.48. Innovative Industrial Properties has a 1 year low of $61.72 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Equities analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IIPR shares. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday, March 17th. Finally, Industrial Alliance Securities set a $60.00 target price on shares of Innovative Industrial Properties in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and an average price target of $88.00.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.50% 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.