Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) PT at $85.00

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned an average rating of “Hold” from the nine analysts that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $83.00.

A number of brokerages have commented on IIPR. Roth Mkm dropped their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Compass Point restated a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the 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 sale, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Several institutional investors have recently added to or reduced their stakes in IIPR. Captrust Financial Advisors increased its holdings in shares of Innovative Industrial Properties by 11.6% in the third quarter. Captrust Financial Advisors now owns 2,050 shares of the company’s stock valued at $276,000 after purchasing an additional 213 shares during the period. EP Wealth Advisors LLC acquired a new position in Innovative Industrial Properties in the 3rd quarter valued at $221,000. MML Investors Services LLC raised its position in Innovative Industrial Properties by 10.5% during the 3rd quarter. MML Investors Services LLC now owns 37,687 shares of the company’s stock worth $5,073,000 after buying an additional 3,579 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Innovative Industrial Properties by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 40,531 shares of the company’s stock worth $5,455,000 after acquiring an additional 356 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after acquiring an additional 31,295 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Up 1.1 %

NYSE:IIPR opened at $51.50 on Friday. Innovative Industrial Properties has a 12-month low of $45.44 and a 12-month high of $138.35. The firm has a market cap of $1.46 billion, a PE ratio of 9.31 and a beta of 1.59. 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 stock has a fifty day moving average price of $64.63 and a 200 day moving average price of $87.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) 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 business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Sell-side analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.76%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is currently 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.