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

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

Innovative Industrial Properties has a payout ratio of 176.7% meaning 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 Stock Performance

IIPR stock opened at $56.19 on Friday. The stock has a 50-day moving average price of $54.12 and a 200-day moving average price of $67.32. Innovative Industrial Properties has a 1-year low of $45.44 and a 1-year high of $138.35. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. 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) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. During the same period last year, the business posted $2.21 earnings per share. The business’s revenue was down 5.7% on a year-over-year basis. As a group, equities research analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its stake in Innovative Industrial Properties by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock valued at $11,433,000 after purchasing an additional 13,291 shares during the last quarter. Millennium Management LLC boosted its stake in Innovative Industrial Properties by 1,131.0% during the 1st 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 during the last quarter. AQR Capital Management LLC acquired a new position in Innovative Industrial Properties during the 1st quarter valued at about $1,470,000. Amundi boosted its stake in Innovative Industrial Properties by 3.4% during the 1st quarter. Amundi now owns 15,766 shares of the company’s stock valued at $826,000 after purchasing an additional 523 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake 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 valued at $773,000 after purchasing an additional 3,667 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IIPR. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Compass Point restated a “sell” rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Wolfe Research initiated coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 target price for the company. Roth Mkm reduced their target price on 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, Piper Sandler reduced their target price on 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. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus 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.