Innovative Industrial Properties, Inc. (IIPR) To Go Ex-Dividend on March 30th

Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) announced a quarterly dividend on Wednesday, March 15th, Zacks reports. Shareholders of record on Friday, March 31st will be given a dividend of 1.80 per share on Friday, April 14th. This represents a $7.20 dividend on an annualized basis and a yield of 8.79%. The ex-dividend date is Thursday, March 30th.

Innovative Industrial Properties has increased its dividend payment by an average of 35.9% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Innovative Industrial Properties has a payout ratio of 126.3% 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 $8.14 per share next year, which means the company should continue to be able to cover its $7.20 annual dividend with an expected future payout ratio of 88.5%.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $81.94 on Friday. Innovative Industrial Properties has a 1-year low of $78.61 and a 1-year high of $211.17. The firm’s fifty day moving average price is $90.74 and its 200 day moving average price is $98.35. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 14.84 and a beta of 1.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 27.14 and a quick ratio of 27.14.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last released its earnings results on Monday, February 27th. The company reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.34). Innovative Industrial Properties had a net margin of 55.86% and a return on equity of 8.24%. The business had revenue of $70.46 million during the quarter, compared to analyst estimates of $68.60 million. On average, sell-side analysts expect that Innovative Industrial Properties will post 7.75 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on IIPR. Craig Hallum lowered their target price on shares of Innovative Industrial Properties from $140.00 to $125.00 in a research report on Wednesday, March 1st. JMP Securities downgraded Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, January 20th. TheStreet lowered Innovative Industrial Properties from a “b-” rating to a “c+” rating in a report on Monday, February 27th. Piper Sandler cut their price target on Innovative Industrial Properties from $140.00 to $120.00 and set an “overweight” rating for the company in a research note on Wednesday, March 1st. Finally, StockNews.com assumed coverage on shares of Innovative Industrial Properties in a research report on Thursday. They set a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $153.17.

Institutional Trading of Innovative Industrial Properties

Hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC grew its position in Innovative Industrial Properties by 112.9% during the first quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock valued at $81,000 after acquiring an additional 210 shares during the period. Clearstead Advisors LLC raised its holdings in shares of Innovative Industrial Properties by 195.7% during the 3rd quarter. Clearstead Advisors LLC now owns 961 shares of the company’s stock valued at $85,000 after buying an additional 636 shares during the period. Centaurus Financial Inc. lifted its position in Innovative Industrial Properties by 61.4% during the 1st quarter. Centaurus Financial Inc. now owns 649 shares of the company’s stock worth $133,000 after acquiring an additional 247 shares in the last quarter. Money Concepts Capital Corp boosted its holdings in Innovative Industrial Properties by 15.2% in the 4th quarter. Money Concepts Capital Corp now owns 1,544 shares of the company’s stock worth $156,000 after acquiring an additional 204 shares during the period. Finally, Golden State Wealth Management LLC grew its position in Innovative Industrial Properties by 14.0% in the first quarter. Golden State Wealth Management LLC now owns 983 shares of the company’s stock valued at $202,000 after acquiring an additional 121 shares in the last quarter. 73.71% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.