Analyst Price Forecast Suggests 27.67% Upside
As of August 31, 2023, the average one-year price target for Innovative Industrial Properties is 112.00. The forecasts range from a low of 80.80 to a high of $187.95. The average price target represents an increase of 27.67% from its latest reported closing price of 87.72.
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The projected annual revenue for Innovative Industrial Properties is 301MM, an increase of 2.57%. The projected annual non-GAAP EPS is 5.84.
Innovative Industrial Properties Declares $1.80 Dividend
On June 15, 2023 the company declared a regular quarterly dividend of $1.80 per share ($7.20 annualized). Shareholders of record as of June 30, 2023 received the payment on July 14, 2023. Previously, the company paid $1.80 per share.
At the current share price of $87.72 / share, the stock’s dividend yield is 8.21%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.44%, the lowest has been 1.79%, and the highest has been 10.66%. The standard deviation of yields is 2.40 (n=236).
The current dividend yield is 1.57 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 1.25. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.70%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 580 funds or institutions reporting positions in Innovative Industrial Properties. This is a decrease of 31 owner(s) or 5.07% in the last quarter. Average portfolio weight of all funds dedicated to IIPR is 0.18%, a decrease of 22.41%. Total shares owned by institutions decreased in the last three months by 6.64% to 21,394K shares. The put/call ratio of IIPR is 0.80, indicating a bullish outlook.
What are Other Shareholders Doing?
IJR – iShares Core S&P Small-Cap ETF holds 1,966K shares representing 7.01% ownership of the company. In it’s prior filing, the firm reported owning 2,035K shares, representing a decrease of 3.50%. The firm decreased its portfolio allocation in IIPR by 10.10% over the last quarter.
Zimmer Partners holds 1,238K shares representing 4.41% ownership of the company. In it’s prior filing, the firm reported owning 1,877K shares, representing a decrease of 51.66%. The firm decreased its portfolio allocation in IIPR by 27.29% over the last quarter.
VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 1,229K shares representing 4.38% ownership of the company. In it’s prior filing, the firm reported owning 1,247K shares, representing a decrease of 1.47%. The firm decreased its portfolio allocation in IIPR by 16.62% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 869K shares representing 3.10% ownership of the company. In it’s prior filing, the firm reported owning 866K shares, representing an increase of 0.34%. The firm decreased its portfolio allocation in IIPR by 11.06% over the last quarter.
NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 724K shares representing 2.58% ownership of the company. In it’s prior filing, the firm reported owning 732K shares, representing a decrease of 1.15%. The firm decreased its portfolio allocation in IIPR by 9.63% over the last quarter.
Innovative Industrial Properties Background Information
(This description is provided by the company.)
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.
This article originally appeared on Fintel
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