Analysts Set Innovative Industrial Properties, Inc. (NYSE:IIPR) PT at $127.67

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been assigned a consensus rating of “Moderate Buy” from the five ratings firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $127.67.

A number of brokerages have recently weighed in on IIPR. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler lowered their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd.

Innovative Industrial Properties Stock Performance

IIPR opened at $107.09 on Friday. The firm has a fifty day moving average price of $120.16 and a 200 day moving average price of $118.55. Innovative Industrial Properties has a 1 year low of $87.06 and a 1 year high of $138.35. The stock has a market cap of $3.03 billion, a P/E ratio of 19.06 and a beta of 1.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

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

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.10%. Innovative Industrial Properties’s dividend payout ratio is 135.23%.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors have recently modified their holdings of the company. Cetera Advisors LLC bought a new position in Innovative Industrial Properties during the 1st quarter worth approximately $201,000. QRG Capital Management Inc. increased its stake in shares of Innovative Industrial Properties by 19.9% in the second quarter. QRG Capital Management Inc. now owns 4,479 shares of the company’s stock worth $489,000 after buying an additional 742 shares during the period. Retirement Planning Group LLC purchased a new position in shares of Innovative Industrial Properties in the second quarter worth $913,000. Dynamic Advisor Solutions LLC raised its holdings in Innovative Industrial Properties by 2.4% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 5,322 shares of the company’s stock valued at $581,000 after buying an additional 126 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft boosted its position in Innovative Industrial Properties by 2.1% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after buying an additional 116 shares during the period. 70.58% of the stock is currently owned by institutional investors.

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.