Innovative Industrial Properties (IIPR) Sets New 1-Year High Following Dividend Announcement

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Shares of Innovative Industrial Properties Inc (NYSE:IIPR) hit a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The stock traded as high as $83.00 and last traded at $78.30, with a volume of 31811 shares. The stock had previously closed at $77.87.

The newly announced dividend which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a $0.45 dividend. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 2.32%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 208.96%.

Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Saturday, February 16th. BTIG Research assumed coverage on shares of Innovative Industrial Properties in a research note on Monday, January 14th. They issued a “buy” rating and a $60.00 target price for the company. Finally, TheStreet upgraded shares of Innovative Industrial Properties from a “c” rating to a “b-” rating in a research note on Friday, November 30th. Five investment analysts have rated the stock with a buy rating, Innovative Industrial Properties presently has a consensus rating of “Buy” and an average price target of $56.50.

The company has a market cap of $757.08 million, a PE ratio of 116.03 and a beta of 1.74.

A number of large investors have recently modified their holdings of the stock. Advisory Services Network LLC acquired a new stake in Innovative Industrial Properties in the 4th quarter valued at about $573,000. grace capital acquired a new stake in Innovative Industrial Properties in the 4th quarter valued at about $565,000. Legal & General Group Plc lifted its stake in Innovative Industrial Properties by 50.0% in the 4th quarter. Legal & General Group Plc now owns 1,440 shares of the company’s stock valued at $65,000 after purchasing an additional 480 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Innovative Industrial Properties by 326.9% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,676 shares of the company’s stock valued at $167,000 after purchasing an additional 2,815 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Innovative Industrial Properties by 262.1% in the 4th quarter. Bank of America Corp DE now owns 8,161 shares of the company’s stock valued at $371,000 after purchasing an additional 5,907 shares during the last quarter. Institutional investors and hedge funds own 56.78% of the company’s stock.

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Innovative Industrial Properties Company Profile (NYSE:IIPR)

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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