Innovative Industrial Properties (NYSE:IIPR) Hits New 12-Month Low Following Analyst Downgrade

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week low during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $60.00 to $55.00. Piper Sandler currently has an underweight rating on the stock. Innovative Industrial Properties traded as low as $49.51 and last traded at $53.51, with a volume of 266713 shares trading hands. The stock had previously closed at $61.85.

IIPR has been the topic of several other research reports. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Industrial Alliance Securities set a $60.00 target price on shares of Innovative Industrial Properties in a report on Tuesday, March 18th. Compass Point restated a “sell” rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday. Finally, BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $85.00.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Institutional investors and hedge funds have recently modified their holdings of the business. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $27,000. Compass Financial Services Inc bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth $32,000. GF Fund Management CO. LTD. acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at $34,000. Smartleaf Asset Management LLC increased its stake in Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after buying an additional 417 shares during the period. Finally, Headlands Technologies LLC bought a new stake in Innovative Industrial Properties during the fourth quarter worth approximately $50,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

The business has a 50-day simple moving average of $69.70 and a two-hundred day simple moving average of $94.03. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 10.12 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. As a group, research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 13.59%. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

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.