Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned a consensus rating of “Hold” from the eight analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $104.50.

A number of brokerages have issued reports on IIPR. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Piper Sandler cut shares of 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 note on Friday, December 20th.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $72.99 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 12.99 and a beta of 1.39. The firm’s 50 day simple moving average is $83.13 and its 200-day simple moving average is $109.60. Innovative Industrial Properties has a 12 month low of $62.45 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released 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 firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the prior year, the business posted $2.29 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.41%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in shares of Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after acquiring an additional 35,269 shares during the period. Barclays PLC increased its position in Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares during the last quarter. Geode Capital Management LLC raised its stake in Innovative Industrial Properties by 31.9% during the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares during the period. CWA Asset Management Group LLC acquired a new position in Innovative Industrial Properties in the 3rd quarter valued at about $713,000. Finally, Versor Investments LP grew its stake in shares of Innovative Industrial Properties by 98.3% in the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after buying an additional 6,062 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.