Innovative Industrial Properties (NYSE:IIPR) Given “Sell” Rating at Compass Point

Compass Point restated their sell rating on shares of Innovative Industrial Properties (NYSE:IIPR) in a research report report published on Monday, MarketBeat.com reports. Compass Point currently has a $50.00 price objective on the stock, down from their prior price objective of $60.00.

Other analysts have also recently issued research reports about the stock. Piper Sandler lowered their target price on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday, March 17th. Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research note on Tuesday, March 18th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $85.00.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $56.67 on Monday. Innovative Industrial Properties has a 12 month low of $49.51 and a 12 month high of $138.35. The company has a market capitalization of $1.61 billion, a P/E ratio of 10.25 and a beta of 1.49. The stock has a 50 day moving average of $69.50 and a two-hundred day moving average of $93.77. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. The firm had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. As a group, equities analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.41%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. increased its position in Innovative Industrial Properties by 37.0% during the 3rd quarter. Citigroup Inc. now owns 42,417 shares of the company’s stock worth $5,709,000 after buying an additional 11,457 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Innovative Industrial Properties by 1,054.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after acquiring an additional 56,689 shares in the last quarter. Captrust Financial Advisors increased its position in Innovative Industrial Properties by 11.6% during the third quarter. Captrust Financial Advisors now owns 2,050 shares of the company’s stock worth $276,000 after acquiring an additional 213 shares during the period. Beck Capital Management LLC raised its stake in Innovative Industrial Properties by 5.7% in the 3rd quarter. Beck Capital Management LLC now owns 52,550 shares of the company’s stock worth $7,073,000 after purchasing an additional 2,840 shares in the last quarter. Finally, IHT Wealth Management LLC raised its stake in Innovative Industrial Properties by 87.0% in the 3rd quarter. IHT Wealth Management LLC now owns 6,772 shares of the company’s stock worth $905,000 after purchasing an additional 3,150 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.