Innovative Industrial Properties (NYSE:IIPR) Hits New 52-Week Low – Here’s Why

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) hit a new 52-week low on Friday . The stock traded as low as $68.43 and last traded at $68.57, with a volume of 155232 shares changing hands. The stock had previously closed at $70.71.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $118.00 to $70.00 in a report on Friday, December 20th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Performance

The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 12.12 and a beta of 1.30. The firm’s 50-day moving average is $108.06 and its two-hundred day moving average is $116.54. 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 earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter last year, the business earned $2.29 EPS. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 11.16%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Trading of Innovative Industrial Properties

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. boosted 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 buying an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Innovative Industrial Properties by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after buying an additional 10,615 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after acquiring an additional 45,779 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after acquiring an additional 35,269 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

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.