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

Compass Point downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a neutral rating in a report released on Tuesday morning, Marketbeat Ratings reports. Compass Point currently has $95.00 price objective on the stock.

A number of other research firms have also weighed in on IIPR. Piper Sandler lowered shares of Innovative Industrial Properties from an overweight rating to a neutral rating and set a $80.00 price objective on the stock. in a research report on Thursday, June 29th. Craig Hallum lowered Innovative Industrial Properties from a buy rating to a hold rating and decreased their price target for the stock from $125.00 to $80.00 in a research note on Wednesday, May 10th. Finally, StockNews.com began coverage on Innovative Industrial Properties in a report on Thursday, August 17th. They set a hold rating for the company. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of Hold and an average price target of $120.80.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $85.79 on Tuesday. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 15.18 and a beta of 1.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 19.59 and a quick ratio of 19.59. The business has a 50 day simple moving average of $78.29 and a 200-day simple moving average of $75.46. Innovative Industrial Properties has a 1 year low of $63.36 and a 1 year high of $125.38.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.50). Innovative Industrial Properties had a return on equity of 8.30% and a net margin of 54.95%. The company had revenue of $76.46 million during the quarter, compared to the consensus estimate of $72.10 million. Equities analysts forecast that Innovative Industrial Properties will post 8.19 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a $1.80 dividend. The ex-dividend date was Thursday, June 29th. This represents a $7.20 annualized dividend and a yield of 8.39%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 127.43%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the company. Callan Capital LLC bought a new position in Innovative Industrial Properties during the 4th quarter worth about $31,337,000. Norges Bank bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $21,086,000. State Street Corp increased its holdings in Innovative Industrial Properties by 14.8% during the first quarter. State Street Corp now owns 1,468,375 shares of the company’s stock valued at $304,124,000 after buying an additional 189,733 shares during the period. Vanguard Group Inc. raised its stake in Innovative Industrial Properties by 4.7% in the first quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock worth $819,386,000 after buying an additional 179,840 shares in the last quarter. Finally, ETF Managers Group LLC lifted its holdings in Innovative Industrial Properties by 45.1% during the first quarter. ETF Managers Group LLC now owns 377,796 shares of the company’s stock worth $28,709,000 after buying an additional 117,409 shares during the period. Hedge funds and other institutional investors own 69.52% of the company’s stock.

About Innovative Industrial Properties

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.