Innovative Industrial Properties (NYSE:IIPR) Shares Gap Up – Still a Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR) gapped up prior to trading on Thursday . The stock had previously closed at $66.34, but opened at $74.40. Innovative Industrial Properties shares last traded at $69.38, with a volume of 100,062 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 12.94 and a beta of 1.39. The business’s 50-day moving average price is $83.78 and its two-hundred day moving average price is $109.85.

Innovative Industrial Properties (NYSE:IIPR) last released 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). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same period in the previous year, the business posted $2.29 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.44%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. bought a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at about $42,006,000. Wellington Management Group LLP raised its position 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 worth $76,490,000 after acquiring an additional 185,855 shares in the last quarter. Cambiar Investors LLC raised its position in Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after acquiring an additional 85,244 shares in the last quarter. Empirical Asset Management LLC bought a new stake in Innovative Industrial Properties in the fourth quarter worth about $4,794,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position 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 worth $8,354,000 after acquiring an additional 56,689 shares in 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.