Innovative Industrial Properties (NYSE:IIPR) Price Target Lowered to $55.00 at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its target price trimmed by Piper Sandler from $60.00 to $55.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Several other research analysts have also weighed in on the stock. Compass Point reissued a “sell” rating and set a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research note on Tuesday, March 18th. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $85.00.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $54.08 on Monday. 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 has a one year low of $49.51 and a one year high of $138.35. The stock’s 50 day moving average price is $69.98 and its 200 day moving average price is $94.55. The firm has a market capitalization of $1.53 billion, a PE ratio of 9.78 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. As a group, sell-side analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

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

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties 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 transaction, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Several large investors have recently modified their holdings of the stock. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $27,000. Compass Financial Services Inc purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $32,000. GF Fund Management CO. LTD. acquired a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $34,000. Smartleaf Asset Management LLC increased its position in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after acquiring an additional 417 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $50,000. 70.58% of the stock is owned by institutional investors.

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.