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

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have been given a consensus recommendation of “Hold” by the eight research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $102.00.

A number of research firms have commented on IIPR. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price target for the company from $125.00 to $78.00 in a research report on Friday, December 20th. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Roth Mkm reduced their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth about $155,000. Blue Trust Inc. raised its holdings in shares of Innovative Industrial Properties by 177.3% during the 3rd quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $171,000 after buying an additional 814 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Innovative Industrial Properties by 90.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,460 shares of the company’s stock valued at $470,000 after acquiring an additional 1,648 shares during the last quarter. MCF Advisors LLC purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at $238,000. Finally, Bristlecone Advisors LLC grew its holdings in shares of Innovative Industrial Properties by 0.8% during the 3rd 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 during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Trading Up 0.1 %

Shares of IIPR opened at $72.94 on Thursday. Innovative Industrial Properties has a 52-week low of $62.45 and a 52-week high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The business’s fifty day moving average is $72.18 and its 200-day moving average is $104.31. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 13.19 and a beta of 1.40.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Equities analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 10.42%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 137.43%.

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.