Innovative Industrial Properties (NYSE:IIPR) Receives “Market Perform” Rating from JMP Securities

JMP Securities reaffirmed their market perform rating on shares of Innovative Industrial Properties (NYSE:IIPR) in a report issued on Monday,Benzinga reports.

IIPR has been the topic of a number of other research reports. Piper Sandler dropped their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Friday, November 8th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $102.17 on Monday. Innovative Industrial Properties has a fifty-two week low of $87.52 and a fifty-two week high of $138.35. The firm’s 50-day simple moving average is $117.44 and its two-hundred day simple moving average is $118.44. The stock has a market cap of $2.89 billion, a PE ratio of 18.18 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.29 EPS. Analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.44%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased its position in Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after acquiring an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after purchasing an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares during the period. Finally, LSV Asset Management boosted its holdings in shares of Innovative Industrial Properties by 21.0% in the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after buying an additional 21,273 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

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.