Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Price Target at $102.00

Innovative Industrial Properties, Inc. (NYSE:IIPR) has received an average recommendation of “Hold” from the eight research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $88.00.

A number of research firms recently weighed in on IIPR. Roth Mkm decreased their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research report on Tuesday. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Compass Point lowered their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday.

Innovative Industrial Properties Stock Down 2.2 %

IIPR stock opened at $63.90 on Monday. Innovative Industrial Properties has a 52 week low of $62.45 and a 52 week high of $138.35. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 11.55 and a beta of 1.49. The firm’s 50-day moving average is $70.45 and its two-hundred day moving average is $98.12. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

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

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.89%. Innovative Industrial Properties’s payout ratio is presently 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bogart Wealth LLC bought a new position in Innovative Industrial Properties during the fourth quarter worth about $27,000. Compass Financial Services Inc bought a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $32,000. GF Fund Management CO. LTD. bought a new stake in Innovative Industrial Properties in the 4th quarter valued at $34,000. Smartleaf Asset Management LLC lifted its position in Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after acquiring an additional 417 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Innovative Industrial Properties in the 4th quarter valued at $50,000. 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.