Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down – What’s Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $73.66, but opened at $71.71. Innovative Industrial Properties shares last traded at $72.44, with a volume of 315,694 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Finally, Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $118.00 to $70.00 in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus 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’s fifty day simple moving average is $111.90 and its 200 day simple moving average is $117.46. The firm has a market cap of $1.99 billion, a P/E ratio of 12.52 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million for 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%. Innovative Industrial Properties’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.29 earnings per share. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.80%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

Institutional Trading of Innovative Industrial Properties

A number of large investors have recently made changes to their positions in IIPR. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $25,000. Signaturefd LLC boosted its holdings in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares during the period. Canton Hathaway LLC purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $55,000. Loomis Sayles & Co. L P increased its position in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 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.