Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $68.20 Average PT from Analysts

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been given an average rating of “Reduce” by the six analysts that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $68.20.

Several analysts have recently commented on IIPR shares. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, January 28th. Piper Sandler increased their price objective on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 5th.

Innovative Industrial Properties Stock Up 2.3%

Shares of NYSE:IIPR opened at $48.79 on Thursday. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $75.71. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19. The firm’s 50-day simple moving average is $50.61 and its 200-day simple moving average is $52.17. The company has a market cap of $1.37 billion, a price-to-earnings ratio of 11.56 and a beta of 1.47.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.6%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 180.09%.

Insider Activity

In related news, Chairman Alan D. Gold bought 2,600 shares of the company’s stock in a transaction on Monday, November 24th. The stock was bought at an average cost of $49.09 per share, with a total value of $127,634.00. Following the completion of the acquisition, the chairman owned 2,600 shares in the company, valued at approximately $127,634. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David Jon Smith purchased 600 shares of Innovative Industrial Properties stock in a transaction dated Thursday, November 20th. The shares were bought at an average price of $45.90 per share, with a total value of $27,540.00. Following the completion of the transaction, the chief financial officer owned 600 shares in the company, valued at approximately $27,540. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 4,200 shares of company stock valued at $201,434 in the last quarter. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently bought and sold shares of IIPR. AlphaCore Capital LLC acquired a new stake in Innovative Industrial Properties in the second quarter valued at $11,576,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Innovative Industrial Properties by 229.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after buying an additional 200,652 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Innovative Industrial Properties in the 2nd quarter worth about $8,099,000. Millennium Management LLC grew its stake in 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 last quarter. Finally, Invesco Ltd. increased its holdings in Innovative Industrial Properties by 40.5% during 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 in the last quarter. 70.58% of the stock is owned by hedge funds and other 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.