Piper Sandler Issues Pessimistic Forecast for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its target price lowered by Piper Sandler from $60.00 to $55.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other brokerages also recently commented on IIPR. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a report on Tuesday, March 18th. Roth Mkm reduced their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Compass Point reaffirmed a “sell” rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $85.00.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $54.08 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 9.78 and a beta of 1.49. The company has a 50 day simple moving average of $69.98 and a 200-day simple moving average of $94.55. Innovative Industrial Properties has a 52-week low of $49.51 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Equities research analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 14.05%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insiders Place Their Bets

In related news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. grew its stake in shares of Innovative Industrial Properties by 37.0% in the third quarter. Citigroup Inc. now owns 42,417 shares of the company’s stock worth $5,709,000 after acquiring an additional 11,457 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Innovative Industrial Properties by 1,054.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock worth $8,354,000 after purchasing an additional 56,689 shares during the last quarter. Captrust Financial Advisors increased its holdings in shares of Innovative Industrial Properties by 11.6% during the 3rd quarter. Captrust Financial Advisors now owns 2,050 shares of the company’s stock worth $276,000 after purchasing an additional 213 shares during the period. Beck Capital Management LLC raised its position in shares of Innovative Industrial Properties by 5.7% during the third quarter. Beck Capital Management LLC now owns 52,550 shares of the company’s stock valued at $7,073,000 after buying an additional 2,840 shares during the last quarter. Finally, IHT Wealth Management LLC lifted its stake in shares of Innovative Industrial Properties by 87.0% in the third quarter. IHT Wealth Management LLC now owns 6,772 shares of the company’s stock valued at $905,000 after buying an additional 3,150 shares during the period. 70.58% of the stock is owned by institutional investors.

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.