Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Average Rating of “Hold” from Analysts

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned an average recommendation of “Hold” from the nine research firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $85.00.

A number of equities analysts have commented on the company. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Piper Sandler lowered their price objective on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating for the company in a research note on Monday, March 31st. Compass Point reaffirmed a “sell” rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after acquiring an additional 64,908 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $42,006,000. Charles Schwab Investment Management Inc. grew its position in Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock valued at $30,958,000 after purchasing an additional 7,179 shares in the last quarter. Northern Trust Corp increased its stake in Innovative Industrial Properties by 20.6% in the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock valued at $29,047,000 after buying an additional 74,342 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Innovative Industrial Properties by 25.8% in the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after buying an additional 77,552 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $48.52 on Friday. Innovative Industrial Properties has a 52 week low of $45.44 and a 52 week high of $138.35. 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 $1.37 billion, a price-to-earnings ratio of 8.77 and a beta of 1.59. The stock has a 50 day moving average of $66.49 and a 200-day moving average of $89.37.

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

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 15.67%. Innovative Industrial Properties’s payout ratio is 137.43%.

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.