Innovative Industrial Properties (NYSE:IIPR) Downgraded by BTIG Research to Neutral

BTIG Research lowered shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat.com reports.

A number of other brokerages have also issued reports on IIPR. Roth Capital raised shares of 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 dropped their price objective for the stock from $125.00 to $78.00 in a report on Friday. Wolfe Research upgraded 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. Finally, Alliance Global Partners began coverage on Innovative Industrial Properties in a research note on Tuesday, December 17th. They issued a “buy” rating and a $130.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $70.45 on Monday. Innovative Industrial Properties has a fifty-two week low of $68.80 and a fifty-two week high of $138.35. The stock’s 50-day moving average is $113.17 and its two-hundred day moving average is $117.72. The firm has a market cap of $2.00 billion, a P/E ratio of 12.54 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share 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 firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the previous year, the firm posted $2.29 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.79%. Innovative Industrial Properties’s dividend payout ratio is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

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

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.