Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $104.50 Average Target Price from Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned a consensus recommendation of “Hold” from the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $104.50.

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

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its position in shares of Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after buying an additional 35,269 shares in the last quarter. Barclays PLC raised its position in Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after acquiring an additional 31,295 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after purchasing an additional 12,791 shares in the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at approximately $713,000. Finally, Versor Investments LP increased its stake in shares of 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. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Down 1.7 %

Shares of Innovative Industrial Properties stock opened at $67.98 on Friday. The company has a fifty day simple moving average of $84.56 and a 200-day simple moving average of $110.16. Innovative Industrial Properties has a 12-month low of $62.45 and a 12-month high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 12.10 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data 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 company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the prior year, the company earned $2.29 EPS. The business’s revenue was down 1.7% on a year-over-year basis. On average, equities analysts forecast 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 was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 11.18%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

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.