Innovative Industrial Properties (NYSE:IIPR) Hits New 12-Month Low – What’s Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week low on Friday . The stock traded as low as $72.34 and last traded at $73.12, with a volume of 322651 shares traded. The stock had previously closed at $95.34.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on IIPR shares. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Alliance Global Partners began coverage on Innovative Industrial Properties in a report on Tuesday, December 17th. They set a “buy” rating and a $130.00 target price for the company. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the company from $125.00 to $78.00 in a report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Trading Down 22.7 %

The business’s 50-day simple moving average is $114.40 and its two-hundred day simple moving average is $117.93. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to analysts’ expectations 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 firm earned $2.29 earnings per share. On average, analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 10.32%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the company. Barclays PLC boosted its holdings in Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares during the period. CWA Asset Management Group LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $713,000. Versor Investments LP grew its position in shares of Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after buying an additional 6,062 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares during the period. Finally, TCW Group Inc. bought a new position in Innovative Industrial Properties in the third quarter worth about $2,572,000. 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.