Innovative Industrial Properties (NYSE:IIPR) Hits New 1-Year Low at $79.52

Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating)’s share price reached a new 52-week low during trading on Friday . The company traded as low as $79.52 and last traded at $80.79, with a volume of 114548 shares. The stock had previously closed at $83.10.

Analyst Ratings Changes

A number of research firms recently commented on IIPR. Craig Hallum decreased their target price on Innovative Industrial Properties from $140.00 to $125.00 in a report on Wednesday, March 1st. JMP Securities downgraded Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a report on Friday, January 20th. Piper Sandler decreased their target price on Innovative Industrial Properties from $140.00 to $120.00 and set an “overweight” rating for the company in a report on Wednesday, March 1st. BTIG Research decreased their target price on Innovative Industrial Properties from $196.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, January 24th. Finally, TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c+” rating in a report on Monday, February 27th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Moderate Buy” and a consensus target price of $153.17.

Innovative Industrial Properties Stock Performance

The firm has a 50-day moving average of $92.07 and a two-hundred day moving average of $98.79. The company has a quick ratio of 27.14, a current ratio of 27.14 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.24 billion, a PE ratio of 14.50 and a beta of 1.60.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last announced its quarterly earnings results on Monday, February 27th. The company reported $1.46 earnings per share for the quarter, missing the consensus estimate of $1.80 by ($0.34). The company had revenue of $70.46 million for the quarter, compared to analysts’ expectations of $68.60 million. Innovative Industrial Properties had a net margin of 55.86% and a return on equity of 8.24%. Research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.75 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 9.00%. The ex-dividend date was Thursday, December 29th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 130.43%.

Institutional Trading of Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the business. Heritage Wealth Management LLC purchased a new stake in shares of Innovative Industrial Properties in the second quarter valued at approximately $25,000. CENTRAL TRUST Co increased its position in shares of Innovative Industrial Properties by 4,545.5% during the fourth quarter. CENTRAL TRUST Co now owns 511 shares of the company’s stock worth $52,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Innovative Industrial Properties by 63.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 682 shares of the company’s stock worth $69,000 after purchasing an additional 264 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Innovative Industrial Properties by 112.9% during the first quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after purchasing an additional 210 shares in the last quarter. Finally, IFP Advisors Inc increased its position in shares of Innovative Industrial Properties by 44.2% during the third quarter. IFP Advisors Inc now owns 2,042 shares of the company’s stock worth $83,000 after purchasing an additional 626 shares in the last quarter. 73.71% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.