Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down After Analyst Downgrade

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) gapped down before the market opened on Monday after Compass Point lowered their price target on the stock from $78.00 to $60.00. The stock had previously closed at $69.62, but opened at $66.46. Compass Point currently has a neutral rating on the stock. Innovative Industrial Properties shares last traded at $64.77, with a volume of 129,361 shares.

Several other research analysts also recently commented on the company. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler cut their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Roth Mkm dropped their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus target price of $88.00.

Insider Transactions at Innovative Industrial Properties

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

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Innovative Industrial Properties by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after purchasing an additional 64,908 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $42,006,000. Wellington Management Group LLP boosted its position in shares of Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of 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. Finally, Northern Trust Corp boosted its position in shares of Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock valued at $29,047,000 after purchasing an additional 74,342 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Up 1.5 %

The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.85 billion, a P/E ratio of 11.79 and a beta of 1.49. The company has a 50-day moving average of $70.48 and a two-hundred day moving average of $98.36.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. On average, research analysts predict that Innovative Industrial Properties, Inc. 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 issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 11.66%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

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.