Innovative Industrial Properties (NYSE:IIPR) Downgraded by Alliance Global Partners to Hold

Alliance Global Partners lowered shares of Innovative Industrial Properties (NYSE:IIPR) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Several other research firms have also commented on IIPR. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Price Performance

IIPR stock opened at $70.35 on Monday. The business’s 50-day moving average is $111.90 and its two-hundred day moving average is $117.46. 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 capitalization of $1.99 billion, a P/E ratio of 12.52 and a beta of 1.31. Innovative Industrial Properties has a 1 year low of $68.73 and a 1 year high of $138.35.

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

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 10.80%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Large investors have recently modified their holdings of the company. Barclays PLC raised its position in Innovative Industrial Properties by 187.5% in 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 during the last quarter. CWA Asset Management Group LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at $713,000. Versor Investments LP raised its holdings in shares of Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after buying an additional 6,062 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after buying an additional 10,711 shares during the period. Finally, TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties during the third quarter worth about $2,572,000. 70.58% of the stock is owned by institutional investors and hedge funds.

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.