Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down to $110.88

Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $110.88, but opened at $97.50. Innovative Industrial Properties shares last traded at $96.02, with a volume of 3,714 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Craig Hallum upped their target price on Innovative Industrial Properties to $140.00 in a research note on Wednesday, November 16th. Roth Capital dropped their target price on Innovative Industrial Properties from $190.00 to $170.00 in a research note on Wednesday, November 9th. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Friday, December 9th. StockNews.com upgraded Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research note on Friday, November 11th. Finally, JMP Securities lowered Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research note on Friday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Moderate Buy” and a consensus target price of $166.67.

Innovative Industrial Properties Price Performance

The company has a 50-day moving average price of $109.28 and a two-hundred day moving average price of $101.80. The company has a debt-to-equity ratio of 0.15, a current ratio of 24.10 and a quick ratio of 24.10. The company has a market cap of $2.49 billion, a PE ratio of 17.12 and a beta of 1.63.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last issued its earnings results on Wednesday, November 2nd. The company reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.60). Innovative Industrial Properties had a return on equity of 7.92% and a net margin of 53.43%. The company had revenue of $70.88 million during the quarter, compared to analysts’ expectations of $68.60 million. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 7.71 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were given a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 8.09%. The ex-dividend date of this dividend was Thursday, December 29th. Innovative Industrial Properties’s payout ratio is 138.46%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently modified their holdings of IIPR. BlackRock Inc. increased its position in Innovative Industrial Properties by 0.4% during the third quarter. BlackRock Inc. now owns 4,835,210 shares of the company’s stock valued at $427,914,000 after acquiring an additional 17,966 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Innovative Industrial Properties by 3.1% during the third quarter. Vanguard Group Inc. now owns 4,466,706 shares of the company’s stock valued at $395,303,000 after purchasing an additional 136,398 shares during the period. State Street Corp boosted its stake in shares of Innovative Industrial Properties by 11.2% during the second quarter. State Street Corp now owns 1,632,374 shares of the company’s stock valued at $182,098,000 after purchasing an additional 163,999 shares during the period. Northern Trust Corp boosted its stake in shares of Innovative Industrial Properties by 6.5% during the second quarter. Northern Trust Corp now owns 350,131 shares of the company’s stock valued at $38,468,000 after purchasing an additional 21,272 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Innovative Industrial Properties by 8.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 310,586 shares of the company’s stock valued at $63,795,000 after purchasing an additional 25,142 shares during the period. Hedge funds and other institutional investors own 73.71% of the company’s stock.

About Innovative Industrial Properties

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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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