Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $102.00 Average Target Price from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received a consensus rating of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $88.00.

A number of analysts recently weighed in on the stock. Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Industrial Alliance Securities set a $60.00 price target on shares of Innovative Industrial Properties in a research note on Tuesday. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Compass Point dropped their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently modified their holdings of the company. US Bancorp DE raised its position in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares during the period. Crossmark Global Holdings Inc. boosted its stake in shares of Innovative Industrial Properties by 21.8% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company’s stock valued at $341,000 after buying an additional 454 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Innovative Industrial Properties by 23.4% during the 3rd quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after acquiring an additional 6,977 shares during the last quarter. KBC Group NV lifted its position in shares of Innovative Industrial Properties by 28.2% during the third quarter. KBC Group NV now owns 940 shares of the company’s stock worth $127,000 after purchasing an additional 207 shares during the last quarter. Finally, Metis Global Partners LLC lifted its position in shares of Innovative Industrial Properties by 29.6% in the 3rd quarter. Metis Global Partners LLC now owns 2,917 shares of the company’s stock worth $393,000 after buying an additional 667 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Down 2.2 %

NYSE:IIPR opened at $63.90 on Monday. The stock has a 50-day simple moving average of $70.45 and a 200-day simple moving average of $98.12. The stock has a market cap of $1.81 billion, a P/E ratio of 11.55 and a beta of 1.49. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year 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.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. The business had revenue of $76.74 million during 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%. As a group, analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.89%. Innovative Industrial Properties’s payout ratio is 137.43%.

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.