This Dividend-Paying Cannabis Stock Just Got an Upgrade. Is It Time to Buy?
Are you looking for a cannabis stock with positive cash flows? How about a real estate investment trust (REIT) with a dividend payout that has rocketed more than 1,000% higher over the past five years? Innovative Industrial Properties (NYSE: IIPR) ticks both boxes. Now that it's 68% below the peak price it set last year, the stock offers a juicy 7.2% yield that's hard to ignore.
More people spending more time in their offices is part of the reason Innovative Industrial's stock price has fallen hard this year, but it isn't the only one. Investors are far more concerned with the fundamental nature of its business following news in July that one of its largest tenants is getting behind on rent payments.
Despite its flaws, Compass Point analyst Merrill Ross gave this stock an upgrade on Monday, Sep. 19, 2022, citing an increased dividend payment and a settlement with its most problematic tenant. Is it time to buy, or should investors remain cautious? Let's look at why it's down and why it could bounce back to see if this stock is worth the risk right now.
Source Fool.com
