Innovative Industrial Properties (NYSE:IIPR) Stock Rating Lowered by Alliance Global Partners

Innovative Industrial Properties (NYSE:IIPR) was downgraded by research analysts at Alliance Global Partners from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $70.35 on Monday. The company’s fifty day simple moving average is $111.90 and its 200 day simple moving average is $117.46. Innovative Industrial Properties has a 1-year low of $68.73 and a 1-year high of $138.35. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 12.52 and a beta of 1.31. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS 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 analyst estimates of $77.30 million. During the same period in the prior year, the company earned $2.29 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently modified their holdings of IIPR. Focused Wealth Management Inc increased its position in shares of Innovative Industrial Properties by 2.4% in the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after purchasing an additional 93 shares during the last quarter. Bristlecone Advisors LLC raised its position in shares of Innovative Industrial Properties by 0.8% during the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after buying an additional 103 shares in the last quarter. Signaturefd LLC grew its position in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares in the last quarter. Dynamic Advisor Solutions LLC increased its stake in Innovative Industrial Properties by 3.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock valued at $739,000 after acquiring an additional 168 shares during the last quarter. Finally, USA Financial Formulas purchased a new stake in Innovative Industrial Properties during the third quarter valued at about $25,000. 70.58% of the stock is currently 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.