Innovative Industrial Properties (NYSE:IIPR) Hits New 1-Year Low – Here’s Why

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $61.72 and last traded at $63.42, with a volume of 126893 shares changing hands. The stock had previously closed at $63.38.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IIPR shares. Compass Point reduced their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday. Roth Mkm reduced their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $88.00.

Innovative Industrial Properties Stock Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 11.62 and a beta of 1.49. The firm has a fifty day moving average of $70.41 and a 200 day moving average of $97.87.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. As a group, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 11.81%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IIPR. Victory Capital Management Inc. boosted its holdings in Innovative Industrial Properties by 23.4% in the third quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after purchasing an additional 6,977 shares during the period. KBC Group NV boosted its holdings in Innovative Industrial Properties by 28.2% in the third quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after purchasing an additional 207 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Innovative Industrial Properties by 1.1% in the third quarter. Thrivent Financial for Lutherans now owns 48,539 shares of the company’s stock valued at $6,533,000 after purchasing an additional 505 shares during the period. Quest Partners LLC purchased a new position in Innovative Industrial Properties in the third quarter valued at $95,000. Finally, Advisors Asset Management Inc. boosted its holdings in Innovative Industrial Properties by 178.0% in the third quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company’s stock valued at $168,000 after purchasing an additional 799 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.