Innovative Industrial Properties (NYSE:IIPR) Upgraded by Roth Capital to Strong-Buy Rating

Roth Capital upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a strong-buy rating in a report released on Monday,Zacks.com reports. Roth Capital also issued estimates for Innovative Industrial Properties’ Q4 2024 earnings at $2.07 EPS, FY2024 earnings at $8.36 EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $2.15 EPS, Q3 2025 earnings at $2.16 EPS, Q4 2025 earnings at $2.16 EPS and FY2025 earnings at $8.57 EPS.

Several other brokerages also recently commented on IIPR. Roth Mkm lifted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Friday, November 8th. Finally, Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $103.56 on Monday. The firm has a market capitalization of $2.93 billion, a P/E ratio of 18.43 and a beta of 1.37. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $128.67 and its two-hundred day moving average price is $118.63. Innovative Industrial Properties has a 1 year low of $77.88 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (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 during the quarter, compared to analyst estimates of $77.30 million. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $2.29 earnings per share. As a group, research analysts anticipate that Innovative Industrial Properties will post 8.4 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.34%. Innovative Industrial Properties’s payout ratio is presently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in IIPR. USA Financial Formulas acquired a new position in Innovative Industrial Properties in the 3rd quarter valued at $25,000. Blue Trust Inc. raised its stake in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares in the last quarter. Signaturefd LLC lifted its position in Innovative Industrial Properties by 42.3% during the second 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 acquired a new stake in Innovative Industrial Properties during the third quarter worth about $55,000. Finally, Loomis Sayles & Co. L P increased its holdings in Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after buying an additional 407 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.