Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned an average rating of “Hold” from the eight ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $104.50.

Several analysts have commented on IIPR shares. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $78.00 in a research note on Friday, December 20th. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in Innovative Industrial Properties in the 4th quarter worth about $42,006,000. Norges Bank bought a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $22,635,000. Wellington Management Group LLP raised its holdings in shares of Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $9,615,000. Finally, Voloridge Investment Management LLC boosted its holdings in Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after purchasing an additional 93,991 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $73.41 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The firm has a market cap of $2.08 billion, a P/E ratio of 13.06 and a beta of 1.40. The business’s 50 day moving average price is $73.43 and its 200-day moving average price is $104.88.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. On average, equities research analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.35%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Innovative Industrial Properties Company Profile

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.