Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Price Target at $104.50

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned an average rating of “Hold” from the eight analysts that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given 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 $104.50.

IIPR has been the topic of a number of recent analyst reports. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Finally, Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently bought and sold shares of the stock. USA Financial Formulas purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $25,000. Canton Hathaway LLC bought a new stake in Innovative Industrial Properties during the third quarter valued at about $55,000. Loomis Sayles & Co. L P lifted its position in shares of Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares in the last quarter. US Bancorp DE grew its position in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 0.4 %

Shares of NYSE IIPR opened at $68.06 on Wednesday. Innovative Industrial Properties has a 1 year low of $64.80 and a 1 year high of $138.35. 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 firm has a 50-day moving average of $101.59 and a 200 day moving average of $115.17. The stock has a market cap of $1.93 billion, a P/E ratio of 12.11 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR) last released 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 analysts’ expectations of $77.30 million. During the same quarter in the previous year, the business posted $2.29 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, sell-side analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

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 given a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 11.17%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

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.