Innovative Industrial Properties (NYSE:IIPR) Upgraded to Hold by Wolfe Research

Wolfe Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a hold rating in a report issued on Monday morning, Zacks.com reports.

IIPR has been the subject of a number of other reports. Roth Mkm upped their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a buy rating in a research note on Monday, July 22nd. Piper Sandler upped their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a neutral rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of Hold and a consensus price target of $130.00.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $136.03 on Monday. Innovative Industrial Properties has a twelve month low of $69.08 and a twelve month high of $138.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 23.86 and a beta of 1.35. The business has a 50 day simple moving average of $122.81 and a 200-day simple moving average of $111.39.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). The company had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. Innovative Industrial Properties’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.26 earnings per share. As a group, equities research analysts expect that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.59%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 133.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. boosted its position in Innovative Industrial Properties by 58.5% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 4,875 shares of the company’s stock worth $542,000 after acquiring an additional 1,800 shares during the period. Algert Global LLC acquired a new stake in shares of Innovative Industrial Properties in the second quarter valued at $310,000. Mackenzie Financial Corp acquired a new stake in shares of Innovative Industrial Properties in the second quarter valued at $238,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Innovative Industrial Properties by 5.0% in the second quarter. The Manufacturers Life Insurance Company now owns 23,353 shares of the company’s stock valued at $2,551,000 after buying an additional 1,106 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Innovative Industrial Properties by 25.0% in the second quarter. AQR Capital Management LLC now owns 3,188 shares of the company’s stock valued at $348,000 after buying an additional 637 shares during the period. Institutional investors and hedge funds 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.