Innovative Industrial Properties (NYSE:IIPR) Upgraded at Compass Point

Compass Point upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a neutral rating to a buy rating in a research note published on Friday, Marketbeat Ratings reports. The firm currently has $125.00 price target on the stock.

Several other equities research analysts have also issued reports on IIPR. Roth Mkm raised their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Piper Sandler increased their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and an average price target of $127.67.

Innovative Industrial Properties Stock Up 1.3 %

Innovative Industrial Properties stock opened at $107.79 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 11.53. The stock has a fifty day moving average of $129.41 and a 200 day moving average of $118.70. The stock has a market cap of $3.05 billion, a PE ratio of 19.18 and a beta of 1.37. Innovative Industrial Properties has a one year low of $73.04 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released 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). The business had revenue of $76.53 million during the quarter, compared to the consensus estimate 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 revenue was down 1.7% on a year-over-year basis. During the same period last year, the company earned $2.29 EPS. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.05%. Innovative Industrial Properties’s payout ratio is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors have recently added to or reduced their stakes in IIPR. LSV Asset Management raised its holdings in shares of Innovative Industrial Properties by 124.4% during the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock worth $10,496,000 after acquiring an additional 56,200 shares during the period. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Innovative Industrial Properties during the first quarter worth about $2,046,000. SG Americas Securities LLC boosted its holdings in Innovative Industrial Properties by 75.7% in the first quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after purchasing an additional 8,436 shares in the last quarter. Texas Permanent School Fund Corp boosted its holdings in Innovative Industrial Properties by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock valued at $2,541,000 after purchasing an additional 328 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Innovative Industrial Properties by 0.6% in the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.