Innovative Industrial Properties (NYSE:IIPR) Trading Up 2.6% Following Dividend Announcement

Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) was up 2.6% during trading on Friday after the company announced a dividend. The stock traded as high as $92.61 and last traded at $92.45. Approximately 8,220 shares changed hands during trading, a decline of 96% from the average daily volume of 228,363 shares. The stock had previously closed at $90.13.

The newly announced dividend which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 7.87%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.75. The ex-dividend date is Thursday, September 29th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.80%.

Analyst Ratings Changes

IIPR has been the subject of several recent analyst reports. Craig Hallum lowered their target price on shares of Innovative Industrial Properties from $175.00 to $125.00 in a research note on Monday, July 18th. Wolfe Research cut shares of Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 19th. Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $160.00 to $135.00 and set an “overweight” rating for the company in a report on Monday, August 8th. TheStreet cut shares of Innovative Industrial Properties from a “b-” rating to a “c+” rating in a report on Monday, July 25th. Finally, BTIG Research decreased their price target on shares of Innovative Industrial Properties from $290.00 to $248.00 and set a “buy” rating for the company in a report on Friday, July 15th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $151.60.

Innovative Industrial Properties Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 55.21 and a quick ratio of 55.21. The business’s fifty day simple moving average is $96.00 and its two-hundred day simple moving average is $133.08. The company has a market cap of $2.56 billion, a PE ratio of 18.00 and a beta of 1.63.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last announced its earnings results on Wednesday, August 3rd. The company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.44). Innovative Industrial Properties had a net margin of 54.07% and a return on equity of 8.01%. The company had revenue of $70.51 million during the quarter, compared to analyst estimates of $68.50 million. On average, analysts predict that Innovative Industrial Properties, Inc. will post 7.82 earnings per share for the current year.

Insider Activity

In other Innovative Industrial Properties news, Chairman Alan D. Gold purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were purchased at an average cost of $94.22 per share, for a total transaction of $94,220.00. Following the completion of the transaction, the chairman now owns 212,308 shares of the company’s stock, valued at approximately $20,003,659.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently bought and sold shares of IIPR. BlackRock Inc. raised its stake in Innovative Industrial Properties by 2.1% during the first quarter. BlackRock Inc. now owns 4,381,568 shares of the company’s stock worth $899,975,000 after purchasing an additional 88,787 shares during the period. Vanguard Group Inc. raised its stake in shares of Innovative Industrial Properties by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock valued at $819,386,000 after acquiring an additional 179,840 shares during the period. State Street Corp raised its stake in shares of Innovative Industrial Properties by 11.2% in the 2nd quarter. State Street Corp now owns 1,632,374 shares of the company’s stock valued at $182,098,000 after acquiring an additional 163,999 shares during the period. Northern Trust Corp raised its stake in shares of Innovative Industrial Properties by 6.5% in the 2nd quarter. Northern Trust Corp now owns 350,131 shares of the company’s stock valued at $38,468,000 after acquiring an additional 21,272 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Innovative Industrial Properties by 8.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 310,586 shares of the company’s stock valued at $63,795,000 after acquiring an additional 25,142 shares during the period. 76.07% of the stock is currently owned by institutional investors and hedge funds.

About Innovative Industrial Properties

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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 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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