Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week Low – Here’s Why

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week low during trading on Friday . The stock traded as low as $61.72 and last traded at $63.42, with a volume of 126893 shares trading hands. The stock had previously closed at $63.38.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Compass Point decreased their price target on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 18th. Roth Mkm reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.00.

Innovative Industrial Properties Trading Up 0.1 %

The business’s 50 day moving average price is $70.42 and its two-hundred day moving average price is $97.28. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.47 and a beta of 1.49.

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

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.98%. Innovative Industrial Properties’s payout ratio is currently 137.43%.

Insider Activity 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 completion of the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. raised its holdings in Innovative Industrial Properties by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company’s stock worth $196,000 after purchasing an additional 160 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in Innovative Industrial Properties by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company’s stock worth $288,000 after purchasing an additional 164 shares during the last quarter. Roberts Glore & Co. Inc. IL raised its holdings in Innovative Industrial Properties by 4.6% during the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company’s stock worth $261,000 after purchasing an additional 172 shares during the last quarter. Avantax Advisory Services Inc. raised its holdings in Innovative Industrial Properties by 2.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company’s stock worth $636,000 after purchasing an additional 192 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in Innovative Industrial Properties by 4.3% during the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock worth $312,000 after purchasing an additional 193 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

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.