Innovative Industrial Properties (NYSE:IIPR) Hits New 12-Month High at $137.91

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price reached a new 52-week high on Thursday . The company traded as high as $137.91 and last traded at $136.97, with a volume of 31666 shares traded. The stock had previously closed at $134.80.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Piper Sandler increased their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd.

Innovative Industrial Properties Price Performance

The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3.82 billion, a PE ratio of 23.67 and a beta of 1.35. The stock’s 50-day moving average is $122.16 and its two-hundred day moving average is $110.63.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). The company had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business’s revenue was up 4.4% compared to the same quarter last year. During the same period last year, the business posted $2.26 earnings per share. On average, equities analysts predict that Innovative Industrial Properties, Inc. will post 8.41 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.63%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 133.33%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently modified their holdings of the stock. Chesapeake Capital Corp IL purchased a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $854,000. Pinebridge Investments L.P. bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $763,000. LSV Asset Management boosted its stake in shares of Innovative Industrial Properties by 124.4% during the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after purchasing an additional 56,200 shares in the last quarter. Prevail Innovative Wealth Advisors LLC bought a new position in shares of Innovative Industrial Properties during the first quarter valued at approximately $2,046,000. Finally, SG Americas Securities LLC boosted its stake in shares of Innovative Industrial Properties by 75.7% during the first quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after purchasing an additional 8,436 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other 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.