Innovative Industrial Properties, Inc. (NYSE:IIPR) Raises Dividend to $1.90 Per Share

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Friday, June 14th, Zacks reports. Investors of record on Friday, June 28th will be paid a dividend of 1.90 per share on Monday, July 15th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.13%. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82.

Innovative Industrial Properties has increased its dividend by an average of 19.3% annually over the last three years. Innovative Industrial Properties has a dividend payout ratio of 124.4% 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 $8.79 per share next year, which means the company should continue to be able to cover its $7.28 annual dividend with an expected future payout ratio of 82.8%.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $106.62 on Friday. Innovative Industrial Properties has a 1 year low of $69.08 and a 1 year high of $115.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27. The stock has a market capitalization of $3.02 billion, a PE ratio of 18.71 and a beta of 1.51. The company’s 50 day simple moving average is $104.84 and its two-hundred day simple moving average is $98.64.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, May 8th. The company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.74). Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. The firm had revenue of $75.45 million during the quarter, compared to analysts’ expectations of $79.65 million. Analysts predict that Innovative Industrial Properties will post 8.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler increased their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th.

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.