Innovative Industrial Properties (NYSE:IIPR) Upgraded by Wolfe Research to “Hold”

Wolfe Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a hold rating in a report issued on Monday, Zacks.com reports.

Several other research firms also recently weighed in on IIPR. Roth Mkm lifted their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a buy rating in a research report on Monday, July 22nd. Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a neutral rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of Hold and an average price target of $130.00.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $135.54 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. The company has a market capitalization of $3.84 billion, a PE ratio of 23.78 and a beta of 1.35. The stock has a fifty day moving average of $123.44 and a 200-day moving average of $111.71. Innovative Industrial Properties has a one year low of $69.08 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). The company had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.26 earnings per share. As a group, equities analysts anticipate that Innovative Industrial Properties will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $1.90 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.61%. Innovative Industrial Properties’s dividend payout ratio is 133.33%.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in Innovative Industrial Properties by 57.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after buying an additional 74,289 shares during the period. Norges Bank purchased a new position in shares of Innovative Industrial Properties during the 4th quarter valued at $31,116,000. PNC Financial Services Group Inc. increased its stake in shares of Innovative Industrial Properties by 91.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,014 shares of the company’s stock worth $304,000 after acquiring an additional 1,437 shares during the last quarter. Corient Private Wealth LLC purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $648,000. Finally, Franklin Resources Inc. boosted its position in Innovative Industrial Properties by 2.2% during the fourth quarter. Franklin Resources Inc. now owns 17,385 shares of the company’s stock valued at $1,753,000 after purchasing an additional 371 shares during the last quarter. 70.58% of the stock is currently 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.