Innovative Industrial Properties (NYSE:IIPR) Upgraded at Weiss Ratings

Weiss Ratings upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a sell (d+) rating to a hold (c-) rating in a research note issued to investors on Saturday,Weiss Ratings reports.

Separately, Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average price target of $78.67.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $53.15 on Friday. Innovative Industrial Properties has a twelve month low of $45.44 and a twelve month high of $135.78. The stock has a market capitalization of $1.49 billion, a P/E ratio of 11.50 and a beta of 1.64. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. The business’s fifty day moving average price is $55.08 and its 200 day moving average price is $54.60.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The firm had revenue of $62.89 million for the quarter, compared to analysts’ expectations of $64.36 million. During the same quarter last year, the firm earned $2.06 earnings per share. The firm’s revenue for the quarter was down 21.2% compared to the same quarter last year. As a group, research analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 14.3%. Innovative Industrial Properties’s dividend payout ratio is presently 164.50%.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in shares of Innovative Industrial Properties by 2.6% during the first quarter. Principal Financial Group Inc. now owns 155,355 shares of the company’s stock worth $8,403,000 after acquiring an additional 3,961 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Innovative Industrial Properties by 6.9% during the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company’s stock worth $267,000 after acquiring an additional 319 shares during the last quarter. Intech Investment Management LLC increased its position in shares of Innovative Industrial Properties by 83.7% during the first quarter. Intech Investment Management LLC now owns 45,431 shares of the company’s stock worth $2,457,000 after acquiring an additional 20,701 shares during the last quarter. FCG Investment Co purchased a new stake in shares of Innovative Industrial Properties during the second quarter worth about $579,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Innovative Industrial Properties by 5.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,234 shares of the company’s stock worth $1,040,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 70.58% 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.