Innovative Industrial Properties (NYSE:IIPR) Price Target Raised to $51.00 at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its price target increased by Piper Sandler from $45.00 to $51.00 in a research report report published on Tuesday,Benzinga reports. Piper Sandler currently has an underweight rating on the stock.

A number of other analysts also recently commented on the stock. Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $48.00.

Innovative Industrial Properties Stock Down 1.8%

IIPR stock opened at $63.18 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. Innovative Industrial Properties has a one year low of $44.58 and a one year high of $65.38. The firm’s fifty day moving average is $60.02 and its 200 day moving average is $54.33. The firm has a market cap of $1.82 billion, a PE ratio of 16.16 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). The business had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.94 earnings per share. On average, research analysts forecast that Innovative Industrial Properties will post 7.1 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 12.0%. The ex-dividend date of this dividend was Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio is 194.37%.

Institutional Trading of Innovative Industrial Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IIPR. Royal Bank of Canada lifted its stake in shares of Innovative Industrial Properties by 34.4% during the first quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock worth $773,000 after purchasing an additional 3,667 shares in the last quarter. Amundi lifted its position in shares of Innovative Industrial Properties by 3.4% in the 1st quarter. Amundi now owns 15,766 shares of the company’s stock worth $826,000 after buying an additional 523 shares during the last quarter. AQR Capital Management LLC acquired a new position in Innovative Industrial Properties during the 1st quarter valued at approximately $1,470,000. Millennium Management LLC increased its stake in shares of Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after purchasing an additional 144,714 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Innovative Industrial Properties by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock valued at $11,433,000 after purchasing an additional 13,291 shares in 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 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.