Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $104.50 Average Target Price from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Free Report) have been given a consensus recommendation of “Hold” by the eight brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $104.50.

IIPR has been the subject of a number of research reports. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $125.00 to $78.00 in a research report on Friday, December 20th.

Read Our Latest Analysis on IIPR

Institutional Trading of Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. lifted its stake in Innovative Industrial Properties by 10.0% during the second quarter. American Century Companies Inc. now owns 15,554 shares of the company’s stock worth $1,699,000 after purchasing an additional 1,412 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in shares of Innovative Industrial Properties during the second quarter valued at approximately $239,000. Thrivent Financial for Lutherans raised its position in shares of Innovative Industrial Properties by 97.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after purchasing an additional 23,709 shares during the period. Finally, Bank of Montreal Can lifted its holdings in shares of Innovative Industrial Properties by 22.4% in the 2nd quarter. Bank of Montreal Can now owns 4,435 shares of the company’s stock worth $487,000 after purchasing an additional 813 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $67.98 on Friday. The company has a market cap of $1.93 billion, a P/E ratio of 12.10 and a beta of 1.39. The business has a fifty day simple moving average of $84.56 and a 200-day simple moving average of $110.16. Innovative Industrial Properties has a 52 week low of $62.45 and a 52 week high of $138.35. 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 (NYSE:IIPRGet Free Report) last released its earnings results 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). 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 during the quarter, compared to analyst estimates of $77.30 million. During the same period in the prior year, the business posted $2.29 earnings per share. Innovative Industrial Properties’s revenue was down 1.7% on a year-over-year basis. Equities research analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.18%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Innovative Industrial Properties Company Profile

(Get Free Report

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.

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Analyst Recommendations for Innovative Industrial Properties (NYSE:IIPR)

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