Innovative Industrial Properties (NYSE:IIPR) Sets New 52-Week Low After Analyst Downgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price reached a new 52-week low on Monday after Piper Sandler lowered their price target on the stock from $60.00 to $55.00. Piper Sandler currently has an underweight rating on the stock. Innovative Industrial Properties traded as low as $49.51 and last traded at $53.51, with a volume of 266713 shares traded. The stock had previously closed at $61.85.

IIPR has been the topic of several other reports. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research report on Tuesday, March 18th. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point reissued a “sell” rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday. Roth Mkm reduced 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. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $85.00.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the firm’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 completion of the sale, the director now owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Innovative Industrial Properties during the 4th quarter valued at $1,820,000. Montchanin Asset Management LLC lifted its position in shares of Innovative Industrial Properties by 39.8% during the fourth quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock worth $702,000 after purchasing an additional 3,000 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in Innovative Industrial Properties in the fourth quarter worth about $34,000. Sunbelt Securities Inc. increased its holdings in Innovative Industrial Properties by 4.2% in the fourth quarter. Sunbelt Securities Inc. now owns 14,854 shares of the company’s stock valued at $1,000,000 after buying an additional 604 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its holdings in Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock valued at $6,497,000 after buying an additional 93,991 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Down 13.8 %

The company has a market cap of $1.51 billion, a P/E ratio of 9.64 and a beta of 1.49. The business has a fifty day simple moving average of $70.26 and a 200 day simple moving average of $95.06. 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 (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 14.26%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 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.