Innovative Industrial Properties (NYSE:IIPR) Upgraded by Compass Point to Neutral Rating

Compass Point upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a sell rating to a neutral rating in a research note released on Tuesday morning, MarketBeat.com reports. The brokerage currently has $45.00 target price on the stock.

IIPR has been the topic of several other research reports. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Piper Sandler raised their target price on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $51.75.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $53.57 on Tuesday. Innovative Industrial Properties has a 12-month low of $44.58 and a 12-month high of $74.92. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 13.67 and a beta of 1.45. The company has a current ratio of 4.38, a quick ratio of 4.38 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $49.26 and a 200 day moving average of $51.81.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.17. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The firm had revenue of $66.66 million during the quarter, compared to the consensus estimate of $66.16 million. During the same quarter in the previous year, the firm posted $2.03 EPS. The company’s revenue for the quarter was down 13.1% compared to the same quarter last year. On average, research analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date was Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.2%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 193.88%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $25,000. West Oak Capital LLC purchased a new stake in Innovative Industrial Properties during the third quarter valued at $27,000. FNY Investment Advisers LLC purchased a new stake in Innovative Industrial Properties during the third quarter valued at $32,000. Advisory Services Network LLC purchased a new stake in Innovative Industrial Properties during the third quarter valued at $34,000. Finally, Los Angeles Capital Management LLC bought a new position in Innovative Industrial Properties during the fourth quarter valued at $35,000. 70.58% of the stock is owned by institutional investors.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.