Innovative Industrial Properties (NYSE:IIPR) Hits New 12-Month Low – What’s Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week low on Friday . The company traded as low as $72.34 and last traded at $73.12, with a volume of 322651 shares. The stock had previously closed at $95.34.

Analyst Ratings Changes

Several brokerages have recently weighed in on IIPR. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $118.00 to $70.00 in a research note on Friday. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $78.00 in a research report on Friday. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Stock Down 22.7 %

The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average of $114.40 and a 200-day moving average of $117.93. The stock has a market cap of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.32%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares in the last quarter. CWA Asset Management Group LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter valued at $713,000. Versor Investments LP increased its position in Innovative Industrial Properties by 98.3% during the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after buying an additional 6,062 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares during the last quarter. Finally, TCW Group Inc. purchased a new stake in shares of Innovative Industrial Properties in the third quarter valued at $2,572,000. 70.58% of the stock is currently 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.