Piper Sandler Cuts Innovative Industrial Properties (NYSE:IIPR) Price Target to $60.00

Innovative Industrial Properties (NYSE:IIPR) had its price target cut by stock analysts at Piper Sandler from $70.00 to $60.00 in a report issued on Monday, Marketbeat reports. The brokerage currently has an “underweight” rating on the stock. Piper Sandler’s price objective would indicate a potential downside of 7.98% from the stock’s current price.

Several other equities analysts have also commented on IIPR. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $125.00 to $78.00 in a research report on Friday, December 20th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Mkm reduced their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $88.00.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $65.20 on Monday. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.85 billion, a P/E ratio of 11.79 and a beta of 1.49. The business has a fifty day simple moving average of $70.48 and a two-hundred day simple moving average of $98.36. 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 announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. The business had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, equities analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after buying an additional 35,269 shares in the last quarter. Barclays PLC boosted its position in Innovative Industrial Properties by 187.5% in 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 boosted its position in Innovative Industrial Properties by 31.9% in 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 last quarter. Charles Schwab Investment Management Inc. boosted its position in Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after purchasing an additional 7,179 shares during the last quarter. Finally, TCW Group Inc. purchased a new position in Innovative Industrial Properties in the third quarter worth about $2,572,000. 70.58% of the stock is currently 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.