Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Consensus Recommendation of “Hold” from Analysts

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been given an average rating of “Hold” by the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $102.00.

Several brokerages recently weighed in on IIPR. Roth Mkm cut their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $118.00 to $70.00 in a research note on Friday, December 20th.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bogart Wealth LLC acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $32,000. GF Fund Management CO. LTD. acquired a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $34,000. Smartleaf Asset Management LLC lifted its holdings in Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after acquiring an additional 417 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $50,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $69.64 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. Innovative Industrial Properties has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The stock has a 50-day simple moving average of $70.56 and a two-hundred day simple moving average of $99.19. The firm has a market capitalization of $1.97 billion, a P/E ratio of 12.59 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. On average, equities analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 10.91%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

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.