Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $127.67 Average Price Target from Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $127.67.

IIPR has been the subject of a number of analyst reports. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th.

Innovative Industrial Properties Stock Performance

IIPR stock opened at $107.09 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties has a 1 year low of $87.06 and a 1 year high of $138.35. The company has a market cap of $3.03 billion, a P/E ratio of 19.06 and a beta of 1.31. The stock’s fifty day moving average price is $120.16 and its 200-day moving average price is $118.55.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly 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 firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.29 earnings per share. On average, equities analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.10%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently made changes to their positions in IIPR. USA Financial Formulas acquired a new stake in Innovative Industrial Properties during the 3rd quarter valued at approximately $25,000. Blue Trust Inc. boosted its holdings in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares during the last quarter. Signaturefd LLC grew its position in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares during the period. Canton Hathaway LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter worth about $55,000. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after buying an additional 407 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

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.