Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $104.50 Consensus Target Price from Brokerages

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned a consensus rating of “Hold” from the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $104.50.

IIPR has been the topic of several recent research reports. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the company from $125.00 to $78.00 in a research report on Friday, December 20th. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their target price for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties during the third quarter valued at approximately $25,000. Signaturefd LLC boosted its position in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after acquiring an additional 150 shares in the last quarter. Canton Hathaway LLC purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $55,000. Loomis Sayles & Co. L P raised its position in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after acquiring an additional 407 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after purchasing an additional 312 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 0.4 %

Shares of IIPR stock opened at $68.06 on Wednesday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 12.11 and a beta of 1.30. Innovative Industrial Properties has a 12-month low of $64.80 and a 12-month high of $138.35. The stock’s 50-day moving average price is $101.59 and its 200-day moving average price is $115.17.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the prior year, the company posted $2.29 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 11.17%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

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.