Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Target Price at $104.50

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been assigned an average recommendation of “Hold” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $102.00.

Several equities analysts have issued reports on IIPR shares. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $78.00 in a report on Friday, December 20th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $72.94 on Thursday. Innovative Industrial Properties has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 13.19 and a beta of 1.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The stock’s 50 day simple moving average is $72.18 and its two-hundred day simple moving average is $104.31.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. The business had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. As a group, analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.42%. Innovative Industrial Properties’s dividend payout ratio is 137.43%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IIPR. JPMorgan Chase & Co. increased its stake in shares of Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after buying an additional 35,269 shares during the period. Barclays PLC boosted its position in Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after purchasing an additional 31,295 shares in the last quarter. Geode Capital Management LLC boosted its position in Innovative Industrial Properties by 31.9% during the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after purchasing an additional 12,791 shares in the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at about $713,000. Finally, Versor Investments LP boosted its stake in Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after acquiring an additional 6,062 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated 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.