Innovative Industrial Properties (NYSE:IIPR) Cut to “Hold” at Alliance Global Partners

Alliance Global Partners downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

IIPR has been the subject of several other research reports. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the company from $125.00 to $78.00 in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $70.35 on Monday. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 12.52 and a beta of 1.31. The stock has a 50-day moving average of $111.90 and a 200 day moving average of $117.46. 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 has a twelve month low of $68.73 and a twelve month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same period in the prior year, the firm earned $2.29 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 10.80%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its holdings in Innovative Industrial Properties by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock valued at $2,984,000 after acquiring an additional 2,105 shares during the period. Virtu Financial LLC acquired a new stake in shares of Innovative Industrial Properties during the third quarter worth about $339,000. TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties in the third quarter valued at approximately $2,572,000. Geode Capital Management LLC grew its holdings in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after purchasing an additional 12,791 shares in the last quarter. Finally, Vestcor Inc increased its stake in Innovative Industrial Properties by 2.8% during the 3rd quarter. Vestcor Inc now owns 25,443 shares of the company’s stock worth $3,425,000 after buying an additional 696 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

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.