Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Target Price at $85.00

Innovative Industrial Properties, Inc. (NYSE:IIPR) has received a consensus recommendation of “Hold” from the nine ratings firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $83.00.

IIPR has been the topic of a number of research analyst reports. Piper Sandler dropped their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday. Roth Mkm reduced their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, Compass Point reaffirmed a “sell” rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st.

Innovative Industrial Properties Price Performance

IIPR opened at $50.52 on Friday. The company has a fifty day simple moving average of $65.08 and a 200 day simple moving average of $87.60. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.43 billion, a P/E ratio of 9.13 and a beta of 1.59. Innovative Industrial Properties has a 12 month low of $45.44 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The business had revenue of $76.74 million for 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%. On average, research analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.04%. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Buying and Selling

In other 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 value of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by insiders.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at about $42,006,000. Norges Bank bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $22,635,000. Balyasny Asset Management L.P. bought a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $9,615,000. Voloridge Investment Management LLC grew its position in Innovative Industrial Properties by 2,683.2% during the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after buying an additional 93,991 shares in the last quarter. Finally, Cambiar Investors LLC raised its holdings in Innovative Industrial Properties by 370.0% in the 4th quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock valued at $7,216,000 after acquiring an additional 85,244 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

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.