Shares of Innovative Industrial Properties Inc (NYSE:IIPR) hit a new 52-week high on Thursday after the company announced a dividend. The company traded as high as $83.00 and last traded at $78.30, with a volume of 31811 shares trading hands. 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 paid a dividend of $0.45 per share. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 2.24%. Innovative Industrial Properties’s dividend payout ratio is 208.96%.
Several research analysts have recently commented on IIPR shares. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Saturday, February 16th. BTIG Research started coverage on shares of Innovative Industrial Properties in a research note on Monday, January 14th. They set a “buy” rating and a $60.00 price target on the stock. 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 equities research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of $56.50.
The company has a market capitalization of $741.51 million, a P/E ratio of 119.84 and a beta of 1.74.
Institutional investors and hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC acquired a new position in Innovative Industrial Properties in the 4th quarter valued at $573,000. grace capital acquired a new position in Innovative Industrial Properties in the 4th quarter valued at $565,000. Legal & General Group Plc grew 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 buying an additional 480 shares during the last quarter. Metropolitan Life Insurance Co. NY grew 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 buying an additional 2,815 shares during the last quarter. Finally, Bank of America Corp DE grew 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 buying an additional 5,907 shares during the last quarter. Institutional investors 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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