Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $127.67.

Several research firms recently weighed in on IIPR. Piper Sandler dropped their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Roth Mkm upped their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a report on Friday, November 8th.

Innovative Industrial Properties Stock Down 1.2 %

IIPR stock opened at $102.23 on Tuesday. The business’s 50 day simple moving average is $127.93 and its 200 day simple moving average is $118.66. Innovative Industrial Properties has a 1-year low of $77.88 and a 1-year high of $138.35. The firm has a market capitalization of $2.90 billion, a PE ratio of 18.19 and a beta of 1.37. 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 released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.29 earnings per share. As a group, research analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders 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 yield of 7.43%. Innovative Industrial Properties’s payout ratio is 135.23%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IIPR. BNP Paribas Financial Markets grew its position in Innovative Industrial Properties by 17.1% in the first quarter. BNP Paribas Financial Markets now owns 14,397 shares of the company’s stock valued at $1,491,000 after acquiring an additional 2,098 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Innovative Industrial Properties by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock worth $2,541,000 after buying an additional 328 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Innovative Industrial Properties by 75.7% during the first quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock worth $2,027,000 after buying an additional 8,436 shares in the last quarter. QRG Capital Management Inc. bought a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $387,000. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Innovative Industrial Properties by 253.7% during the 1st quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company’s stock valued at $4,560,000 after acquiring an additional 31,587 shares in the last quarter. 70.58% of the stock is 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.