Innovative Industrial Properties (NYSE:IIPR) Raised to Hold at Zacks Investment Research

Innovative Industrial Properties (NYSE:IIPRGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

A number of other research analysts have also issued reports on the company. StockNews.com began coverage on Innovative Industrial Properties in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Piper Sandler dropped their target price on Innovative Industrial Properties from $290.00 to $285.00 in a report on Friday, January 14th. Finally, BTIG Research reissued a “buy” rating and issued a $290.00 target price on shares of Innovative Industrial Properties in a report on Friday, April 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Buy” and an average target price of $266.43.

IIPR stock opened at $164.32 on Tuesday. The company has a quick ratio of 52.60, a current ratio of 52.60 and a debt-to-equity ratio of 0.20. Innovative Industrial Properties has a fifty-two week low of $162.81 and a fifty-two week high of $288.02. The business has a 50 day moving average price of $189.95 and a 200 day moving average price of $223.13. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of 36.04 and a beta of 1.63.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last issued its quarterly earnings data on Wednesday, February 23rd. The company reported $1.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.75 by ($0.61). Innovative Industrial Properties had a net margin of 55.73% and a return on equity of 7.48%. The firm had revenue of $58.94 million during the quarter, compared to analysts’ expectations of $57.92 million. During the same quarter in the prior year, the firm posted $1.29 EPS. Innovative Industrial Properties’s quarterly revenue was up 58.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Innovative Industrial Properties will post 8.39 EPS for the current year.

In other Innovative Industrial Properties news, Director Gary A. Kreitzer sold 2,200 shares of the business’s stock in a transaction on Thursday, March 10th. The stock was sold at an average price of $31.52, for a total transaction of $69,344.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gary A. Kreitzer sold 1,104 shares of the business’s stock in a transaction on Monday, March 14th. The stock was sold at an average price of $31.05, for a total value of $34,279.20. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

Large investors have recently modified their holdings of the company. California Public Employees Retirement System lifted its position in shares of Innovative Industrial Properties by 1.1% in the third quarter. California Public Employees Retirement System now owns 53,125 shares of the company’s stock valued at $12,281,000 after acquiring an additional 585 shares in the last quarter. Moors & Cabot Inc. purchased a new position in Innovative Industrial Properties during the third quarter worth about $603,000. Daiwa Securities Group Inc. lifted its position in Innovative Industrial Properties by 11.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 6,943 shares of the company’s stock worth $1,825,000 after buying an additional 700 shares during the period. Ahrens Investment Partners LLC purchased a new position in Innovative Industrial Properties during the fourth quarter worth about $92,000. Finally, Yousif Capital Management LLC purchased a new position in Innovative Industrial Properties during the fourth quarter worth about $5,865,000. Institutional investors and hedge funds own 71.55% of the company’s stock.

Innovative Industrial Properties Company Profile (Get Rating)

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 medical-use 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.

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