Innovative Industrial Properties’ (IIPR) “Sell” Rating Reaffirmed at Compass Point

Compass Point reiterated their sell rating on shares of Innovative Industrial Properties (NYSE:IIPR) in a research note published on Monday morning, Marketbeat reports. The brokerage currently has a $50.00 price objective on the stock, down from their prior price objective of $60.00.

Several other equities research analysts have also commented on the company. Roth Mkm lowered their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Piper Sandler decreased their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research report on Monday, March 17th. Finally, Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research report on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average target price of $85.00.

Innovative Industrial Properties Trading Down 15.2 %

Shares of Innovative Industrial Properties stock opened at $54.08 on Monday. The stock has a market cap of $1.53 billion, a PE ratio of 9.78 and a beta of 1.49. The firm has a fifty day moving average price of $69.98 and a 200 day moving average price of $94.55. Innovative Industrial Properties has a 1 year low of $49.51 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data 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 return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Equities research analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.05%. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Insider Buying and Selling

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Innovative Industrial Properties in the fourth quarter valued at about $1,820,000. Montchanin Asset Management LLC raised its position in Innovative Industrial Properties by 39.8% in the fourth quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock valued at $702,000 after purchasing an additional 3,000 shares during the period. GF Fund Management CO. LTD. acquired a new position in Innovative Industrial Properties during the fourth quarter worth $34,000. Sunbelt Securities Inc. lifted its stake in Innovative Industrial Properties by 4.2% during the fourth quarter. Sunbelt Securities Inc. now owns 14,854 shares of the company’s stock worth $1,000,000 after purchasing an additional 604 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its position in shares of Innovative Industrial Properties by 2,683.2% during the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after buying an additional 93,991 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.