Innovative Industrial Properties (NYSE:IIPR) Rating Lowered to “Neutral” at Compass Point

Compass Point downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a neutral rating in a research note issued to investors on Friday morning, MarketBeat.com reports. They currently have $78.00 target price on the stock, down from their prior target price of $125.00.

Several other research firms also recently weighed in on IIPR. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Piper Sandler lowered their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Finally, Alliance Global Partners began coverage on Innovative Industrial Properties in a report on Tuesday, December 17th. They issued a “buy” rating and a $130.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Trading Down 22.7 %

Shares of IIPR opened at $73.66 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 13.11 and a beta of 1.30. The company has a 50-day moving average of $114.40 and a 200 day moving average of $117.98. Innovative Industrial Properties has a 1-year low of $70.88 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 EPS. On average, research analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current 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 issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 10.32%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IIPR. Franklin Resources Inc. increased its holdings in shares of Innovative Industrial Properties by 10.3% during the third 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 in the last quarter. Virtu Financial LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth approximately $339,000. TCW Group Inc. acquired a new position in Innovative Industrial Properties during the 3rd quarter valued at approximately $2,572,000. Geode Capital Management LLC raised 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 worth $7,133,000 after buying an additional 12,791 shares during the last quarter. Finally, Vestcor Inc raised its holdings in shares of Innovative Industrial Properties by 2.8% in the third 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 last quarter. 70.58% of the stock is currently owned by hedge funds and other 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.