Innovative Industrial Properties Inc (NYSE:IIPR) Raises Dividend to $1.17 Per Share

Innovative Industrial Properties Inc (NYSE:IIPR) declared a quarterly dividend on Tuesday, September 15th, Zacks reports. Investors of record on Wednesday, September 30th will be paid a dividend of 1.17 per share on Thursday, October 15th. This represents a $4.68 annualized dividend and a yield of 3.72%. The ex-dividend date is Tuesday, September 29th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.06.

Shares of IIPR stock opened at $125.85 on Wednesday. Innovative Industrial Properties has a fifty-two week low of $40.21 and a fifty-two week high of $126.92. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 45.27 and a beta of 1.37. The company has a quick ratio of 115.43, a current ratio of 115.43 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average price is $116.39 and its two-hundred day moving average price is $90.99.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.49). The business had revenue of $24.35 million for the quarter, compared to analysts’ expectations of $25.40 million. Innovative Industrial Properties had a return on equity of 6.01% and a net margin of 55.69%. On average, equities analysts forecast that Innovative Industrial Properties will post 4.65 EPS for the current fiscal year.

In other news, Director Mary A. Curran acquired 500 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were bought at an average price of $118.26 per share, with a total value of $59,130.00. Following the purchase, the director now owns 2,305 shares of the company’s stock, valued at $272,589.30. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Alan D. Gold sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $125.53, for a total value of $1,882,950.00. Following the completion of the sale, the chairman now directly owns 288,586 shares in the company, valued at approximately $36,226,200.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,396 shares of company stock worth $2,837,355. Company insiders own 2.90% of the company’s stock.

Several brokerages have issued reports on IIPR. LADENBURG THALM/SH SH upped their price objective on Innovative Industrial Properties from $83.50 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Compass Point upped their price target on Innovative Industrial Properties from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Roth Capital lifted their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 in a report on Monday, July 6th. JMP Securities increased their target price on shares of Innovative Industrial Properties from $120.00 to $140.00 in a report on Monday, August 17th. Finally, Zacks Investment Research lowered shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a report on Friday, September 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $114.00.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

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Dividend History for Innovative Industrial Properties (NYSE:IIPR)

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