Innovative Industrial Properties (NYSE:IIPR) Sets New 52-Week Low on Analyst Downgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR) hit a new 52-week low during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $60.00 to $55.00. Piper Sandler currently has an underweight rating on the stock. Innovative Industrial Properties traded as low as $49.51 and last traded at $53.51, with a volume of 266713 shares. The stock had previously closed at $61.85.

Several other research firms have also recently issued reports on IIPR. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research note on Tuesday, March 18th. Roth Mkm cut their price objective 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. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Compass Point reaffirmed a “sell” rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Two investment 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 stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $85.00.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently bought and sold shares of the stock. Pacer Advisors Inc. acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $42,006,000. Norges Bank acquired a new position in Innovative Industrial Properties during the 4th quarter worth approximately $22,635,000. Wellington Management Group LLP increased its position in shares of Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $9,615,000. Finally, Voloridge Investment Management LLC lifted its position in shares of Innovative Industrial Properties by 2,683.2% during the 4th quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after purchasing an additional 93,991 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 15.2 %

The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 9.78 and a beta of 1.49. The business’s 50 day moving average is $69.98 and its 200 day moving average is $94.55. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared 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 is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 14.05%. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

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.