Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Recommendation of “Hold” by Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been given an average rating of “Hold” by the eight analysts that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $104.50.

A number of research analysts recently issued reports on the stock. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Finally, Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $42,006,000. Wellington Management Group LLP grew its position in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after purchasing an additional 10,711 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of 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 buying an additional 45,779 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after buying an additional 35,269 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $68.12 on Friday. Innovative Industrial Properties has a 52 week low of $62.45 and a 52 week high of $138.35. The company has a fifty day simple moving average of $86.03 and a two-hundred day simple moving average of $110.81. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 12.12 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.29 earnings per share. As a group, equities 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 declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.16%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Innovative Industrial Properties Company Profile

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.