Innovative Industrial Properties Inc (NYSE:IIPR) declared a quarterly dividend on Wednesday, March 13th, Wall Street Journal reports. Investors of record on Friday, March 29th will be paid a dividend of 0.45 per share on Monday, April 15th. This represents a $1.80 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Thursday, March 28th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.35.
Innovative Industrial Properties has a payout ratio of 91.4% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Innovative Industrial Properties to earn $3.89 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 46.3%.
Shares of IIPR opened at $87.75 on Friday. The stock has a market capitalization of $883.34 million, a P/E ratio of 65.49 and a beta of 1.74. Innovative Industrial Properties has a 1-year low of $25.60 and a 1-year high of $93.24.
A number of equities analysts recently weighed in on IIPR shares. TheStreet raised Innovative Industrial Properties from a “c” rating to a “b-” rating in a research note on Friday, November 30th. BTIG Research lifted their price target on Innovative Industrial Properties to $101.00 and gave the stock a “buy” rating in a research note on Tuesday. Zacks Investment Research raised Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, December 12th. Finally, LADENBURG THALM/SH SH cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Innovative Industrial Properties has an average rating of “Buy” and a consensus price target of $66.75.
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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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