Compass Point Downgrades Innovative Industrial Properties (NYSE:IIPR) to Neutral

Compass Point lowered shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a neutral rating in a report published on Friday morning, MarketBeat.com reports. They currently have $78.00 target price on the stock, down from their prior target price of $125.00.

A number of other analysts have also commented on the company. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Piper Sandler lowered their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Finally, Alliance Global Partners started coverage on Innovative Industrial Properties in a research report on Tuesday. They set a “buy” rating and a $130.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $73.66 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties has a one year low of $70.88 and a one year high of $138.35. The firm has a market capitalization of $2.09 billion, a P/E ratio of 13.11 and a beta of 1.30. The company’s fifty day moving average is $114.40 and its two-hundred day moving average is $117.86.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.29 EPS. Analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.32%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its stake in Innovative Industrial Properties by 10.3% during the third quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock valued at $2,984,000 after buying an additional 2,105 shares in the last quarter. Virtu Financial LLC bought a new position in Innovative Industrial Properties during the third quarter worth $339,000. TCW Group Inc. acquired a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth about $2,572,000. Geode Capital Management LLC grew its position in Innovative Industrial Properties by 31.9% in the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares during the last quarter. Finally, Vestcor Inc raised its holdings in shares of Innovative Industrial Properties by 2.8% during the third quarter. Vestcor Inc now owns 25,443 shares of the company’s stock valued at $3,425,000 after buying an additional 696 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

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.