Innovative Industrial Properties (NYSE:IIPR) Sets New 12-Month Low on Analyst Downgrade

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week low during trading 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.

A number of other research analysts have also weighed in on IIPR. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Industrial Alliance Securities set a $60.00 price objective on shares of Innovative Industrial Properties in a research note on Tuesday, March 18th. Compass Point restated a “sell” rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Hold” and an average target price of $85.00.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties 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 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.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently bought and sold shares of the stock. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at $27,000. Compass Financial Services Inc purchased a new position in Innovative Industrial Properties in the 4th quarter valued at about $32,000. GF Fund Management CO. LTD. acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth about $34,000. Smartleaf Asset Management LLC grew its holdings in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after buying an additional 417 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $50,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 13.8 %

The firm’s 50 day moving average is $70.26 and its 200-day moving average is $95.06. The firm has a market cap of $1.51 billion, a PE ratio of 9.64 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 issued its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. The company 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%. As a group, equities research analysts expect 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. Shareholders of record on Monday, March 31st will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 14.26%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

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.