Innovative Industrial Properties (NYSE:IIPR) Cut to “Underweight” at Piper Sandler

Piper Sandler downgraded shares of Innovative Industrial Properties (NYSE:IIPRFree Report) from a neutral rating to an underweight rating in a research report report published on Friday morning, Marketbeat Ratings reports. The brokerage currently has $70.00 target price on the stock, down from their prior target price of $118.00.

Several other equities research analysts have also recently commented on the company. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Alliance Global Partners started coverage on shares of Innovative Industrial Properties in a research report on Tuesday, December 17th. They set a “buy” rating and a $130.00 price objective for the company. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $125.00 to $78.00 in a research report on Friday. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and an average price target of $104.50.

Get Our Latest Report on Innovative Industrial Properties

Innovative Industrial Properties Trading Down 22.7 %

IIPR opened at $73.66 on Friday. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 13.11 and a beta of 1.30. Innovative Industrial Properties has a 52 week low of $70.88 and a 52 week high of $138.35. The business’s 50 day moving average is $114.40 and its two-hundred day moving average is $117.98. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPRGet Free Report) last issued its quarterly earnings results 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 business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.29 EPS. On average, research analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.32%. Innovative Industrial Properties’s payout ratio is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after buying an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Innovative Industrial Properties by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after buying an additional 10,615 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Innovative Industrial Properties by 21.0% during the 2nd quarter. LSV Asset Management now owns 122,646 shares of the company’s stock valued at $13,395,000 after acquiring an additional 21,273 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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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.

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Analyst Recommendations for Innovative Industrial Properties (NYSE:IIPR)

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