Piper Sandler Cuts Innovative Industrial Properties (NYSE:IIPR) Price Target to $45.00

Innovative Industrial Properties (NYSE:IIPR) had its price objective decreased by Piper Sandler from $55.00 to $45.00 in a research note released on Tuesday, Marketbeat.com reports. Piper Sandler currently has an underweight rating on the stock.

A number of other analysts have also recently commented on the company. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Compass Point reissued a “sell” rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus price target of $83.00.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $51.50 on Tuesday. The stock has a market capitalization of $1.46 billion, a P/E ratio of 9.31 and a beta of 1.59. 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 has a 1-year low of $45.44 and a 1-year high of $138.35. The business has a 50-day moving average price of $64.63 and a two-hundred day moving average price of $87.35.

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

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 14.76%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 137.43%.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The shares were 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 directly owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its position in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after buying an additional 12,791 shares in the last quarter. Virtu Financial LLC acquired a new position in Innovative Industrial Properties during the third quarter worth $339,000. Franklin Resources Inc. raised its position in Innovative Industrial Properties by 10.3% during the third quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock worth $2,984,000 after acquiring an additional 2,105 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Innovative Industrial Properties by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after acquiring an additional 35,269 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

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.