Innovative Industrial Properties (NYSE:IIPR) Upgraded at Roth Capital

Roth Capital upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a strong-buy rating in a research note published on Monday,Zacks.com reports. Roth Capital also issued estimates for Innovative Industrial Properties’ Q4 2024 earnings at $2.07 EPS, FY2024 earnings at $8.36 EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $2.15 EPS, Q3 2025 earnings at $2.16 EPS, Q4 2025 earnings at $2.16 EPS and FY2025 earnings at $8.57 EPS.

A number of other analysts also recently weighed in on the stock. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Piper Sandler dropped their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $103.06 on Monday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $128.67 and a 200 day simple moving average of $118.63. The company has a market cap of $2.92 billion, a P/E ratio of 18.34 and a beta of 1.37. Innovative Industrial Properties has a 1 year low of $77.29 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results 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 net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same period last year, the company earned $2.29 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, sell-side analysts predict that Innovative Industrial Properties will post 8.4 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.37%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently made changes to their positions in the company. Cynosure Group LLC acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth about $358,000. Quantbot Technologies LP increased its position in shares of Innovative Industrial Properties by 95.7% during the 3rd quarter. Quantbot Technologies LP now owns 8,032 shares of the company’s stock worth $1,081,000 after purchasing an additional 3,928 shares in the last quarter. Canton Hathaway LLC acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth about $55,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth about $260,000. Finally, Loomis Sayles & Co. L P increased its position in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.