Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) PT at $104.50

Innovative Industrial Properties, Inc. (NYSE:IIPR) has received a consensus recommendation of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $104.50.

IIPR has been the subject of a number of recent research reports. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $78.00 in a report on Friday, December 20th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their target price for the company from $118.00 to $70.00 in a report on Friday, December 20th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IIPR. USA Financial Formulas acquired a new stake in Innovative Industrial Properties in the 3rd quarter worth about $25,000. Signaturefd LLC boosted its stake in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares during the last quarter. Canton Hathaway LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter worth approximately $55,000. Loomis Sayles & Co. L P raised its stake in Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after purchasing an additional 312 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $68.06 on Wednesday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a twelve month low of $64.80 and a twelve month high of $138.35. The company’s 50 day moving average is $101.59 and its 200 day moving average is $115.22. The company has a market cap of $1.93 billion, a PE ratio of 12.11 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.29 EPS. On average, sell-side analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 11.17%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

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.