Innovative Industrial Properties (NYSE:IIPR) Rating Increased to Strong-Buy at Roth Capital

Roth Capital upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a strong-buy rating in a report published on Monday,Zacks.com reports. Roth Capital also issued estimates for Innovative Industrial Properties’ Q4 2024 earnings at $2.07 EPS, FY2024 earnings at $8.36 EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $2.15 EPS, Q3 2025 earnings at $2.16 EPS, Q4 2025 earnings at $2.16 EPS and FY2025 earnings at $8.57 EPS.

IIPR has been the subject of several other reports. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Friday, November 8th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Piper Sandler reduced their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Finally, Roth Mkm raised their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $103.56 on Monday. The stock has a market cap of $2.93 billion, a PE ratio of 18.43 and a beta of 1.37. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 12-month low of $77.88 and a 12-month high of $138.35. The business’s 50-day moving average price is $128.67 and its two-hundred day moving average price is $118.63.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.29 earnings per share. As a group, analysts expect that Innovative Industrial Properties will post 8.4 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given 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 yield of 7.34%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in IIPR. USA Financial Formulas acquired a new stake in Innovative Industrial Properties during the third quarter worth approximately $25,000. Blue Trust Inc. boosted its holdings in shares of Innovative Industrial Properties by 2,085.7% during the 2nd 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. Signaturefd LLC grew its position in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares during the period. Canton Hathaway LLC bought a new stake in Innovative Industrial Properties in the third quarter valued at $55,000. Finally, Loomis Sayles & Co. L P raised its holdings in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the period. 70.58% of the stock is owned by 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.