Analysts Set Innovative Industrial Properties, Inc. (NYSE:IIPR) PT at $85.00

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received an average rating of “Hold” from the nine brokerages that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, five have given a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $85.00.

A number of analysts have recently issued reports on the company. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Compass Point reaffirmed a “sell” rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Finally, Roth Mkm cut 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 report on Friday, February 21st.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $49.19 on Friday. The company’s 50 day simple moving average is $65.99 and its two-hundred day simple moving average is $88.46. The stock has a market capitalization of $1.39 billion, a PE ratio of 8.90 and a beta of 1.59. 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 has a 1 year low of $45.44 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data 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 return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 15.45%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

Insider Buying and Selling

In related news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, 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 is available through the SEC website. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Innovative Industrial Properties

Several hedge funds and other institutional investors have recently bought and sold shares of IIPR. Vanguard Group Inc. increased its stake in shares of Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock worth $294,798,000 after buying an additional 64,908 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Innovative Industrial Properties in the fourth quarter valued at about $42,006,000. Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $30,958,000 after acquiring an additional 7,179 shares during the period. Northern Trust Corp raised its stake in shares of Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock valued at $29,047,000 after acquiring an additional 74,342 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after purchasing an additional 77,552 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.