Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Recommendation of “Hold” by Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have been given a consensus recommendation of “Hold” by the eight ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $102.00.

A number of brokerages have recently issued reports on IIPR. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price target for the company from $118.00 to $70.00 in a report on Friday, December 20th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Roth Mkm cut their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd.

Innovative Industrial Properties Trading Up 2.1 %

IIPR opened at $69.64 on Monday. The stock’s fifty day moving average is $70.56 and its two-hundred day moving average is $99.19. The company has a market capitalization of $1.97 billion, a P/E ratio of 12.59 and a beta of 1.49. Innovative Industrial Properties has a 52 week low of $62.45 and a 52 week high of $138.35. 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 released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.91%. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated 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 of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IIPR. Pacer Advisors Inc. acquired a new stake in Innovative Industrial Properties during the 4th quarter worth about $42,006,000. Norges Bank acquired a new stake in Innovative Industrial Properties during the 4th quarter worth about $22,635,000. Wellington Management Group LLP raised its stake in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $9,615,000. Finally, Voloridge Investment Management LLC raised its stake in shares of Innovative Industrial Properties by 2,683.2% during the 4th 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. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.