Innovative Industrial Properties (NYSE:IIPR) Upgraded by Wolfe Research to Hold

Innovative Industrial Properties (NYSE:IIPR) was upgraded by research analysts at Wolfe Research to a “hold” rating in a research report issued on Monday, Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Roth Mkm boosted their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $130.00.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $136.03 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. The stock has a market cap of $3.85 billion, a PE ratio of 23.86 and a beta of 1.35. Innovative Industrial Properties has a 1 year low of $69.08 and a 1 year high of $138.35. The stock has a fifty day moving average price of $122.81 and a 200 day moving average price of $111.39.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. During the same quarter in the prior year, the firm earned $2.26 earnings per share. Innovative Industrial Properties’s quarterly revenue was up 4.4% on a year-over-year basis. Sell-side analysts forecast that Innovative Industrial Properties will post 8.47 earnings per share for the current fiscal year.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds have recently added to or reduced their stakes in IIPR. B. Riley Wealth Advisors Inc. boosted its holdings in Innovative Industrial Properties by 58.5% in the second quarter. B. Riley Wealth Advisors Inc. now owns 4,875 shares of the company’s stock valued at $542,000 after acquiring an additional 1,800 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth about $310,000. Mackenzie Financial Corp acquired a new stake in shares of Innovative Industrial Properties in the second quarter worth $238,000. The Manufacturers Life Insurance Company raised its stake in shares of Innovative Industrial Properties by 5.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,353 shares of the company’s stock valued at $2,551,000 after acquiring an additional 1,106 shares during the period. Finally, AQR Capital Management LLC raised its position in Innovative Industrial Properties by 25.0% in the second quarter. AQR Capital Management LLC now owns 3,188 shares of the company’s stock valued at $348,000 after purchasing an additional 637 shares during the period. 70.58% of the stock is 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.