Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) PT at $104.50

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received a consensus recommendation of “Hold” from the eight ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $104.50.

IIPR has been the topic of several research analyst reports. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IIPR. Truist Financial Corp raised its stake in shares of Innovative Industrial Properties by 9.0% during the 4th quarter. Truist Financial Corp now owns 11,649 shares of the company’s stock worth $776,000 after purchasing an additional 964 shares in the last quarter. Principal Financial Group Inc. raised its position in Innovative Industrial Properties by 4.0% during the fourth quarter. Principal Financial Group Inc. now owns 151,394 shares of the company’s stock worth $10,089,000 after acquiring an additional 5,881 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Innovative Industrial Properties by 25.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 19,766 shares of the company’s stock valued at $1,317,000 after acquiring an additional 4,059 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Innovative Industrial Properties in the 4th quarter valued at about $77,000. Finally, Principal Securities Inc. raised its holdings in shares of Innovative Industrial Properties by 31.1% in the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company’s stock valued at $79,000 after purchasing an additional 283 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Down 1.9 %

Shares of NYSE IIPR opened at $71.67 on Friday. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a twelve month low of $62.45 and a twelve month high of $138.35. The company’s fifty day moving average is $82.42 and its 200-day moving average is $109.18. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 12.75 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last posted its 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 business had revenue of $76.53 million during the quarter, compared to analyst estimates 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 was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.29 earnings per share. Equities research analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 10.60%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 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.