Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down – What’s Next?

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) gapped down before the market opened on Monday . The stock had previously closed at $73.66, but opened at $71.71. Innovative Industrial Properties shares last traded at $72.44, with a volume of 315,694 shares.

Analysts Set New Price Targets

A number of research firms recently weighed in on IIPR. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Trading Down 0.1 %

The company has a market capitalization of $1.99 billion, a PE ratio of 12.52 and a beta of 1.31. 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 company’s fifty day moving average is $111.90 and its 200-day moving average is $117.46.

Innovative Industrial Properties (NYSE:IIPR) last announced its 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). The company had revenue of $76.53 million for the quarter, compared to the consensus estimate 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 revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $2.29 EPS. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.90 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.80%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Focused Wealth Management Inc lifted its position in Innovative Industrial Properties by 2.4% during the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after acquiring an additional 93 shares during the last quarter. Bristlecone Advisors LLC boosted its position in shares of Innovative Industrial Properties by 0.8% in the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock worth $1,696,000 after purchasing an additional 103 shares in the last quarter. Signaturefd LLC grew its stake in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares during the last quarter. Dynamic Advisor Solutions LLC increased its position in Innovative Industrial Properties by 3.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock valued at $739,000 after buying an additional 168 shares in the last quarter. Finally, USA Financial Formulas purchased a new stake in Innovative Industrial Properties in the third quarter valued at about $25,000. Hedge funds and other institutional investors 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.