Innovative Industrial Properties (NYSE:IIPR) Sets New 52-Week Low – Time to Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $64.75 and last traded at $65.29, with a volume of 183892 shares. The stock had previously closed at $66.40.

Analyst Ratings Changes

A number of brokerages have issued reports on IIPR. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. 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. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the company from $125.00 to $78.00 in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Trading Down 3.4 %

The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 11.25 and a beta of 1.39. The company’s 50-day moving average price is $96.31 and its 200-day moving average price is $114.00. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 earnings per share. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS 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 given a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 12.02%. Innovative Industrial Properties’s payout ratio is 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently bought and sold shares of the company. USA Financial Formulas purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at approximately $25,000. Canton Hathaway LLC purchased a new position in Innovative Industrial Properties in the third quarter worth approximately $55,000. Loomis Sayles & Co. L P increased its stake in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after acquiring an additional 407 shares during the last quarter. Federated Hermes Inc. raised its position in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after purchasing an additional 312 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other 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.