Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have been assigned an average rating of “Moderate Buy” from the five research firms that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $127.67.

Several analysts have recently commented on the company. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Friday, November 8th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Piper Sandler decreased their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Innovative Industrial Properties by 1,054.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after acquiring an additional 56,689 shares during the period. Dimensional Fund Advisors LP boosted its position in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of Innovative Industrial Properties by 279.1% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock worth $5,171,000 after purchasing an additional 34,854 shares during the period. Finally, Barclays PLC increased its holdings in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after purchasing an additional 31,295 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

IIPR opened at $106.68 on Friday. The firm has a market capitalization of $3.02 billion, a PE ratio of 18.98 and a beta of 1.30. The business’s 50-day moving average is $120.71 and its two-hundred day moving average is $118.47. Innovative Industrial Properties has a 1 year low of $84.61 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data 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 return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter last year, the firm earned $2.29 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. Research analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.12%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

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.