Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Price Target at $78.67

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been given a consensus rating of “Hold” by the ten research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $78.6667.

Several research firms have recently commented on IIPR. Wolfe Research cut shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Innovative Industrial Properties in a report on Saturday, September 27th.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $56.56 on Friday. Innovative Industrial Properties has a 52 week low of $45.44 and a 52 week high of $136.80. The stock has a market capitalization of $1.58 billion, a PE ratio of 12.24 and a beta of 1.64. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.30 and a current ratio of 10.30. The stock’s fifty day moving average is $54.35 and its 200-day moving average is $54.97.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The business had revenue of $62.89 million for the quarter, compared to the consensus estimate of $64.36 million. During the same quarter in the prior year, the company earned $2.06 EPS. The firm’s quarterly revenue was down 21.2% on a year-over-year basis. Equities research analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $1.90 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $7.60 annualized dividend and a yield of 13.4%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 164.50%.

Hedge Funds Weigh In On Innovative Industrial Properties

Several large investors have recently bought and sold shares of IIPR. AdvisorNet Financial Inc boosted its holdings in Innovative Industrial Properties by 50.3% during the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after buying an additional 187 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after acquiring an additional 207 shares during the period. Bank of Montreal Can boosted its stake in Innovative Industrial Properties by 4.6% during the 2nd quarter. Bank of Montreal Can now owns 5,259 shares of the company’s stock worth $290,000 after acquiring an additional 229 shares during the last quarter. Signaturefd LLC boosted its stake in Innovative Industrial Properties by 49.7% during the 1st quarter. Signaturefd LLC now owns 756 shares of the company’s stock worth $41,000 after acquiring an additional 251 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in Innovative Industrial Properties by 1.0% during the second quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock valued at $1,444,000 after purchasing an additional 264 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.