Innovative Industrial Properties (NYSE:IIPR) Stock Rating Upgraded by Roth Capital

Roth Capital upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

Several other equities research analysts also recently issued reports on IIPR. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Friday. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Piper Sandler cut their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Roth Mkm lifted their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $107.79 on Monday. Innovative Industrial Properties has a 52 week low of $73.04 and a 52 week high of $138.35. The business’s fifty day simple moving average is $129.41 and its 200-day simple moving average is $118.70. The firm has a market cap of $3.05 billion, a PE ratio of 19.18 and a beta of 1.37. The company has a quick ratio of 18.06, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period last year, the company earned $2.29 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities analysts forecast that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 7.05%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $2,046,000. SG Americas Securities LLC boosted its holdings in shares of Innovative Industrial Properties by 75.7% in the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after buying an additional 8,436 shares in the last quarter. Texas Permanent School Fund Corp raised its position in Innovative Industrial Properties by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock valued at $2,541,000 after purchasing an additional 328 shares during the last quarter. Vanguard Group Inc. raised its position in Innovative Industrial Properties by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Innovative Industrial Properties by 4.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,808 shares of the company’s stock valued at $5,982,000 after purchasing an additional 2,452 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.