Innovative Industrial Properties (NYSE:IIPR) Cut to Underweight at Piper Sandler

Piper Sandler downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a neutral rating to an underweight rating in a research report released on Friday, Marketbeat.com reports. The brokerage currently has $70.00 price target on the stock, down from their previous price target of $118.00.

Other equities research analysts have also recently issued reports about the stock. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $78.00 in a research report on Friday. Alliance Global Partners assumed coverage on Innovative Industrial Properties in a research report on Tuesday, December 17th. They issued a “buy” rating and a $130.00 target price on the stock. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Trading Down 22.7 %

IIPR opened at $73.66 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. The company’s 50 day simple moving average is $114.40 and its two-hundred day simple moving average is $117.98. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 13.11 and a beta of 1.30. 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 released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same period last year, the firm posted $2.29 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced 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. This represents a $7.60 annualized dividend and a yield of 10.32%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IIPR. Barclays PLC boosted its position in Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after buying an additional 31,295 shares during the period. CWA Asset Management Group LLC purchased a new position in Innovative Industrial Properties in the third quarter valued at $713,000. Versor Investments LP grew its stake in Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after purchasing an additional 6,062 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares during the period. Finally, TCW Group Inc. purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $2,572,000. 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.