Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week Low – Here’s Why

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $61.72 and last traded at $63.42, with a volume of 126893 shares traded. The stock had previously closed at $63.38.

Analysts Set New Price Targets

Several analysts have recently weighed in on IIPR shares. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler lowered their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday, March 17th. Compass Point lowered their price objective on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Roth Mkm lowered their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $88.00.

Innovative Industrial Properties Trading Up 0.1 %

The firm’s 50-day moving average is $70.42 and its 200-day moving average is $97.28. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 11.47 and a beta of 1.49.

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

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 11.98%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is 137.43%.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds have recently bought and sold shares of the company. Bogart Wealth LLC bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $27,000. Compass Financial Services Inc bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $32,000. GF Fund Management CO. LTD. bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $34,000. Smartleaf Asset Management LLC raised its stake in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $50,000. 70.58% of the stock is owned by hedge funds and other 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.