Innovative Industrial Properties (NYSE:IIPR) Given New $60.00 Price Target at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its price objective decreased by Piper Sandler from $70.00 to $60.00 in a research note released on Monday morning, MarketBeat reports. Piper Sandler currently has an underweight rating on the stock.

Several other analysts have also commented on the stock. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Roth Mkm lowered their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $88.00.

Innovative Industrial Properties Stock Down 2.2 %

Shares of NYSE IIPR opened at $63.90 on Monday. The stock has a market capitalization of $1.81 billion, a P/E ratio of 11.55 and a beta of 1.49. The company has a 50-day moving average price of $70.45 and a 200-day moving average price of $98.12. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.89%. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Innovative Industrial Properties by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock worth $294,798,000 after purchasing an additional 64,908 shares during the period. Pacer Advisors Inc. bought a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $42,006,000. Wellington Management Group LLP raised its stake in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after acquiring an additional 7,179 shares during the period. Finally, Northern Trust Corp raised its stake in Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after acquiring an additional 74,342 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

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.