Piper Sandler Cuts Innovative Industrial Properties (NYSE:IIPR) Price Target to $60.00

Innovative Industrial Properties (NYSE:IIPR) had its target price lowered by Piper Sandler from $70.00 to $60.00 in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm currently has an underweight rating on the stock.

Several other analysts have also issued reports on IIPR. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. 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. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average target price of $88.00.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $63.90 on Monday. The company’s 50 day moving average price is $70.45 and its two-hundred day moving average price is $98.12. Innovative Industrial Properties has a 12-month low of $62.45 and a 12-month high of $138.35. The firm has a market cap of $1.81 billion, a PE ratio of 11.55 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

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, hitting 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 net margin of 52.40% and a return on equity of 8.39%. Equities research analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed 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. This represents a $7.60 annualized dividend and a yield of 11.89%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Activity at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were 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 owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Several large investors have recently modified their holdings of IIPR. US Bancorp DE raised its stake in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Innovative Industrial Properties by 21.8% during the third quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company’s stock valued at $341,000 after acquiring an additional 454 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Innovative Industrial Properties by 23.4% during the third quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after acquiring an additional 6,977 shares during the last quarter. KBC Group NV raised its stake in shares of Innovative Industrial Properties by 28.2% during the third quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after acquiring an additional 207 shares during the last quarter. Finally, Metis Global Partners LLC raised its stake in shares of Innovative Industrial Properties by 29.6% during the third quarter. Metis Global Partners LLC now owns 2,917 shares of the company’s stock valued at $393,000 after acquiring an additional 667 shares during the last quarter. 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.