Innovative Industrial Properties (NYSE:IIPR) Given New $120.00 Price Target at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its price objective upped by analysts at Piper Sandler from $110.00 to $120.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 4.15% from the stock’s current price.

Separately, Roth Mkm upped their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $118.33.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded up $0.30 on Friday, reaching $115.22. 5,985 shares of the stock traded hands, compared to its average volume of 208,855. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 20.14 and a beta of 1.37. Innovative Industrial Properties has a 12 month low of $69.08 and a 12 month high of $125.44. The stock’s 50-day moving average price is $112.74 and its 200-day moving average price is $104.04. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. The business had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same period last year, the company earned $2.26 EPS. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. Equities analysts forecast that Innovative Industrial Properties will post 8.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently added to or reduced their stakes in IIPR. Focused Wealth Management Inc lifted its holdings in shares of Innovative Industrial Properties by 2.4% in the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after purchasing an additional 93 shares in the last quarter. Cape Investment Advisory Inc. boosted its holdings in shares of Innovative Industrial Properties by 11.6% during the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock worth $114,000 after acquiring an additional 114 shares during the period. Baader Bank Aktiengesellschaft boosted its stake in Innovative Industrial Properties by 2.1% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after purchasing an additional 116 shares during the period. Hancock Whitney Corp grew its stake in shares of Innovative Industrial Properties by 2.4% in the first quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock valued at $541,000 after acquiring an additional 124 shares in the last quarter. Finally, Investors Research Corp raised its position in shares of Innovative Industrial Properties by 2.6% in the fourth quarter. Investors Research Corp now owns 5,000 shares of the company’s stock valued at $504,000 after buying an additional 125 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

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.