Alliance Global Partners Initiates Coverage on Innovative Industrial Properties (NYSE:IIPR)

Investment analysts at Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties (NYSE:IIPR) in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $130.00 price target on the stock. Alliance Global Partners’ price objective indicates a potential upside of 27.24% from the company’s current price.

Several other equities analysts have also recently weighed in on IIPR. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler cut their target price 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. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Friday, November 8th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $128.25.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $102.17 on Tuesday. The stock’s fifty day moving average is $117.44 and its 200-day moving average is $118.44. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties has a 52 week low of $87.52 and a 52 week high of $138.35. The stock has a market capitalization of $2.89 billion, a PE ratio of 18.18 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.29 earnings per share. Equities research analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IIPR. USA Financial Formulas bought a new stake in Innovative Industrial Properties in the third quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after acquiring an additional 438 shares in the last quarter. Signaturefd LLC boosted its position in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares in the last quarter. Canton Hathaway LLC bought a new position in Innovative Industrial Properties in the 3rd quarter valued at about $55,000. Finally, Loomis Sayles & Co. L P boosted its holdings in 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 acquiring an additional 407 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

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.