Innovative Industrial Properties (NYSE:IIPR) Hits New 1-Year High at $137.91

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

Analyst Ratings Changes

Several equities research analysts have commented on the company. Piper Sandler boosted their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Roth Mkm upped their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd.

Innovative Industrial Properties Stock Performance

The stock has a market capitalization of $3.85 billion, a P/E ratio of 23.65 and a beta of 1.35. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average price of $121.37 and a 200-day moving average price of $110.19.

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

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 5.59%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is 133.33%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Blue Trust Inc. increased its position in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after buying an additional 438 shares in the last quarter. GAMMA Investing LLC increased its position in Innovative Industrial Properties by 84.9% in the first quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock worth $54,000 after buying an additional 241 shares in the last quarter. Signaturefd LLC increased 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 buying an additional 150 shares in the last quarter. Federated Hermes Inc. increased its position in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after buying an additional 312 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in Innovative Industrial Properties by 251.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock worth $73,000 after buying an additional 517 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

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.