Innovative Industrial Properties (NYSE:IIPR) Downgraded by BTIG Research to Neutral

BTIG Research downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a neutral rating in a research report report published on Monday morning, Marketbeat reports.

IIPR has been the subject of several other reports. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $118.00 to $70.00 in a report on Friday. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners assumed coverage on Innovative Industrial Properties in a research note on Tuesday, December 17th. They set a “buy” rating and a $130.00 target price on the stock. Finally, Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $78.00 in a report on Friday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Trading Down 4.4 %

Shares of IIPR opened at $70.45 on Monday. Innovative Industrial Properties has a one year low of $68.80 and a one year high of $138.35. The stock has a 50-day moving average price of $113.17 and a 200 day moving average price of $117.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The company has a market capitalization of $2.00 billion, a P/E ratio of 12.54 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates 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 company 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 company earned $2.29 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. Sell-side analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm 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 10.79%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IIPR. Focused Wealth Management Inc grew its holdings in shares of Innovative Industrial Properties by 2.4% during the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after buying an additional 93 shares in the last quarter. Bristlecone Advisors LLC grew its position in Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after purchasing an additional 103 shares in the last quarter. Signaturefd LLC lifted its position in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its stake in shares of Innovative Industrial Properties by 3.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock valued at $739,000 after buying an additional 168 shares during the period. Finally, USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at $25,000. 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.