Innovative Industrial Properties (NYSE:IIPR) Sets New 12-Month Low – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week low on Wednesday . The stock traded as low as $64.75 and last traded at $65.29, with a volume of 183892 shares changing hands. The stock had previously closed at $66.40.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price objective for the company from $125.00 to $78.00 in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm has a fifty day simple moving average of $96.31 and a 200 day simple moving average of $114.00. The company has a market capitalization of $1.79 billion, a PE ratio of 11.25 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the prior year, the firm posted $2.29 EPS. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 12.02%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

Institutional Trading of Innovative Industrial Properties

Several hedge funds and other institutional investors have recently made changes to their positions in the business. USA Financial Formulas purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth approximately $25,000. Canton Hathaway LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at $55,000. Loomis Sayles & Co. L P increased its position in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares during the period. Federated Hermes Inc. raised its stake in Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares during the last quarter. Finally, US Bancorp DE lifted its position in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after acquiring an additional 189 shares during the period. Hedge funds and other institutional investors 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.