Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Average Recommendation of “Hold” from Analysts

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been given a consensus recommendation of “Hold” by the eight research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $104.50.

IIPR has been the topic of several research analyst reports. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $118.00 to $70.00 in a research report on Friday, December 20th. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $78.00 in a report on Friday, December 20th.

Innovative Industrial Properties Stock Up 1.2 %

IIPR stock opened at $68.12 on Friday. Innovative Industrial Properties has a one year low of $62.45 and a one year high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The company has a fifty day moving average of $86.03 and a 200-day moving average of $110.81. The stock has a market capitalization of $1.93 billion, a PE ratio of 12.12 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.29 earnings per share. As a group, analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.16%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter worth about $42,006,000. Wellington Management Group LLP raised its holdings in Innovative Industrial Properties by 48.6% in the third 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 period. Empirical Asset Management LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth approximately $4,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of 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 worth $8,354,000 after acquiring an additional 56,689 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares during the period. 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.