Innovative Industrial Properties (NYSE:IIPR) Given New $45.00 Price Target at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its price target decreased by Piper Sandler from $55.00 to $45.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Piper Sandler’s price target would indicate a potential downside of 11.45% from the company’s previous close.

Several other research analysts also recently commented on IIPR. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Compass Point restated a “sell” rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus target price of $83.00.

Innovative Industrial Properties Stock Down 0.0 %

Shares of IIPR traded down $0.01 during mid-day trading on Tuesday, hitting $50.82. 128,393 shares of the company’s stock were exchanged, compared to its average volume of 268,780. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties has a twelve month low of $45.44 and a twelve month high of $138.35. The firm has a fifty day moving average of $65.54 and a two-hundred day moving average of $87.86. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 9.19 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates 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%. On average, sell-side analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Several hedge funds have recently modified their holdings of the company. Barclays PLC grew its position in Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after acquiring an additional 31,295 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after buying an additional 12,791 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Innovative Industrial Properties in the third quarter valued at about $339,000. Franklin Resources Inc. lifted its position in Innovative Industrial Properties by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock worth $2,984,000 after buying an additional 2,105 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after buying an additional 35,269 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.