Innovative Industrial Properties’ (IIPR) “Sell” Rating Reiterated at Compass Point

Compass Point restated their sell rating on shares of Innovative Industrial Properties (NYSE:IIPR) in a report published on Monday, Marketbeat Ratings reports. They currently have a $50.00 target price on the stock, down from their previous target price of $60.00.

IIPR has been the subject of a number of other research reports. 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 report on Friday, February 21st. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Industrial Alliance Securities set a $60.00 price target on Innovative Industrial Properties in a report on Tuesday, March 18th. Piper Sandler lowered their price objective on 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. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus target price of $85.00.

Innovative Industrial Properties Trading Up 1.5 %

Shares of IIPR opened at $56.67 on Monday. Innovative Industrial Properties has a one year low of $49.51 and a one year high of $138.35. The stock has a 50-day moving average price of $69.50 and a 200 day moving average price of $93.77. 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 company has a market capitalization of $1.61 billion, a P/E ratio of 10.25 and a beta of 1.49.

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

Innovative Industrial Properties Dividend Announcement

The firm 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 13.41%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Buying and Selling

In other news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IIPR. Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $42,006,000. Norges Bank acquired a new stake in Innovative Industrial Properties in the 4th quarter valued at approximately $22,635,000. Wellington Management Group LLP increased its position in Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after buying an additional 185,855 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $9,615,000. Finally, Voloridge Investment Management LLC boosted its position in shares of Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock valued at $6,497,000 after acquiring an additional 93,991 shares during the period. Institutional investors own 70.58% of the company’s stock.

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.