Innovative Industrial Properties Inc (NYSE:IIPR) announced a quarterly dividend on Tuesday, September 15th, Zacks reports. Stockholders 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 dividend yield of 3.63%. The ex-dividend date is Tuesday, September 29th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.06.
Shares of IIPR traded up $3.02 during trading hours on Wednesday, hitting $128.87. 280 shares of the company were exchanged, compared to its average volume of 473,134. Innovative Industrial Properties has a 52 week low of $40.21 and a 52 week high of $126.92. The firm’s 50 day moving average is $116.39 and its 200-day moving average is $90.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 115.43 and a current ratio of 115.43. The company has a market cap of $2.73 billion, a PE ratio of 45.27 and a beta of 1.37.
Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.49). The business had revenue of $24.35 million for the quarter, compared to analyst estimates of $25.40 million. Innovative Industrial Properties had a return on equity of 6.01% and a net margin of 55.69%. As a group, equities analysts forecast that Innovative Industrial Properties will post 4.65 earnings per share for the current fiscal year.
In other news, Chairman Alan D. Gold sold 15,000 shares of Innovative Industrial Properties stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $125.53, for a total transaction of $1,882,950.00. Following the completion of the sale, the chairman now owns 288,586 shares of the company’s stock, valued at $36,226,200.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Alan D. Gold sold 1,000 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $30.67, for a total transaction of $30,670.00. Following the completion of the transaction, the chairman now owns 308,586 shares in the company, valued at $9,464,332.62. The disclosure for this sale can be found here. Insiders sold a total of 23,396 shares of company stock worth $2,837,355 over the last ninety days. 2.90% of the stock is currently owned by insiders.
IIPR has been the topic of several recent analyst reports. LADENBURG THALM/SH SH upped their price target on Innovative Industrial Properties from $83.50 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. JMP Securities raised their price objective on shares of Innovative Industrial Properties from $120.00 to $140.00 in a report on Monday, August 17th. Compass Point raised their price target on Innovative Industrial Properties from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Roth Capital upped their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 in a research report on Monday, July 6th. Finally, Piper Sandler began coverage on Innovative Industrial Properties in a research report on Tuesday, September 8th. They issued an “overweight” rating and a $150.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $114.00.
About Innovative Industrial Properties
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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