Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $127.67 Average PT from Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been assigned a consensus rating of “Moderate Buy” from the five research firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $127.67.

A number of analysts recently issued reports on IIPR shares. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a report on Friday, November 8th. Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Roth Mkm raised their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $103.56 on Tuesday. The company has a market cap of $2.93 billion, a PE ratio of 18.41 and a beta of 1.37. Innovative Industrial Properties has a 52 week low of $77.88 and a 52 week high of $138.35. The business has a 50 day moving average price of $128.67 and a 200-day moving average price of $118.63. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $2.29 earnings per share. Equities analysts anticipate that Innovative Industrial Properties will post 8.4 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.34%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds have recently made changes to their positions in IIPR. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth $25,000. Blue Trust Inc. lifted its stake in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the last quarter. Signaturefd LLC lifted its stake in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares during the last quarter. Canton Hathaway LLC bought a new stake in Innovative Industrial Properties in the third quarter worth $55,000. Finally, Loomis Sayles & Co. L P lifted its stake in Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

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.