Innovative Industrial Properties (NYSE:IIPR) Sets New 12-Month Low – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $68.43 and last traded at $68.57, with a volume of 155232 shares traded. The stock had previously closed at $70.71.

Analyst Ratings Changes

Several research analysts recently commented on IIPR shares. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday. Finally, Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $118.00 to $70.00 in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Trading Down 3.7 %

The firm’s 50 day simple moving average is $109.36 and its two-hundred day simple moving average is $116.81. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.93 billion, a P/E ratio of 12.11 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) 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 the consensus estimate of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.29 EPS. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.16%. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IIPR. JPMorgan Chase & Co. increased its stake in shares of 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 purchasing an additional 35,269 shares during the period. Franklin Resources Inc. increased its position in Innovative Industrial Properties by 10.3% in the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock valued at $2,984,000 after acquiring an additional 2,105 shares during the period. Virtu Financial LLC bought a new stake in Innovative Industrial Properties during the 3rd quarter valued at $339,000. TCW Group Inc. acquired a new position in Innovative Industrial Properties during the 3rd quarter worth $2,572,000. Finally, 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 worth $7,133,000 after purchasing an additional 12,791 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

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.