Piper Sandler Issues Pessimistic Forecast for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its price target reduced by Piper Sandler from $120.00 to $118.00 in a research report report published on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also recently commented on IIPR. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Friday. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Stock Up 1.3 %

NYSE:IIPR opened at $107.79 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 11.53. The stock has a market capitalization of $3.05 billion, a P/E ratio of 19.18 and a beta of 1.37. The company’s 50-day simple moving average is $129.41 and its 200-day simple moving average is $118.70. Innovative Industrial Properties has a fifty-two week low of $73.04 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (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 during the quarter, compared to analysts’ expectations of $77.30 million. During the same period in the prior year, the firm posted $2.29 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Innovative Industrial Properties will post 8.47 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 paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 7.05%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC lifted its stake in Innovative Industrial Properties by 1,465.1% during the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after acquiring an additional 221,791 shares during the period. LSV Asset Management lifted its position in Innovative Industrial Properties by 124.4% during the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after purchasing an additional 56,200 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in 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, Russell Investments Group Ltd. raised its stake in shares of Innovative Industrial Properties by 253.7% during the 1st quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company’s stock valued at $4,560,000 after buying an additional 31,587 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.