Innovative Industrial Properties (NYSE:IIPR) Upgraded at Zacks Research

Zacks Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a strong-buy rating in a research note released on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target for the company in a research note on Tuesday, March 3rd. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, March 25th. Finally, Piper Sandler raised their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus target price of $49.00.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $49.47 on Monday. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $59.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. The firm has a market capitalization of $1.39 billion, a P/E ratio of 12.62 and a beta of 1.45. The stock has a 50 day moving average price of $50.55 and a 200 day moving average price of $51.19.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The firm had revenue of $66.66 million during the quarter, compared to analyst estimates of $66.16 million. During the same period last year, the company earned $2.03 EPS. Innovative Industrial Properties’s quarterly revenue was down 13.1% compared to the same quarter last year. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $1.90 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.4%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 193.88%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IIPR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Innovative Industrial Properties by 229.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock valued at $15,906,000 after acquiring an additional 200,652 shares during the period. Millennium Management LLC increased its holdings in shares of Innovative Industrial Properties by 1,131.0% in the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after acquiring an additional 144,714 shares during the period. Invesco Ltd. increased its holdings in shares of Innovative Industrial Properties by 40.5% in the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock valued at $21,101,000 after acquiring an additional 110,236 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Innovative Industrial Properties by 26.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock valued at $24,112,000 after acquiring an additional 105,569 shares during the period. Finally, Norges Bank purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $4,471,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

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.