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

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been assigned an average recommendation of “Hold” from the eight analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $104.50.

IIPR has been the subject of several recent research reports. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Finally, Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $118.00 to $70.00 in a research report on Friday, December 20th.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties during the third quarter valued at about $25,000. Signaturefd LLC increased its stake in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Canton Hathaway LLC purchased a new position in shares of Innovative Industrial Properties in the third quarter worth $55,000. Loomis Sayles & Co. L P lifted its stake in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares during the period. Finally, Federated Hermes Inc. grew its holdings in shares of Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $68.06 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 12.11 and a beta of 1.39. The firm has a 50-day moving average of $101.59 and a two-hundred day moving average of $115.22. Innovative Industrial Properties has a 1 year low of $64.80 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $2.29 EPS. On average, research analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.17%. Innovative Industrial Properties’s payout ratio is 135.23%.

About Innovative Industrial Properties

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.