Innovative Industrial Properties (NYSE:IIPR) Cut to Neutral at Compass Point

Compass Point lowered shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a neutral rating in a research report released on Friday, MarketBeat Ratings reports. The firm currently has $78.00 price target on the stock, down from their previous price target of $125.00.

Other research analysts have also recently issued reports about the company. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Alliance Global Partners initiated coverage on shares of Innovative Industrial Properties in a research report on Tuesday, December 17th. They set a “buy” rating and a $130.00 target price for the company. Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $73.66 on Friday. The firm has a fifty day simple moving average of $114.40 and a two-hundred day simple moving average of $117.98. The firm has a market cap of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 1-year low of $70.88 and a 1-year high of $138.35.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.32%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after buying an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares during the period. Finally, LSV Asset Management lifted its stake in Innovative Industrial Properties by 21.0% in the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after purchasing an additional 21,273 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

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.