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

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

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

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently modified their holdings of IIPR. JPMorgan Chase & Co. raised its stake in Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after purchasing an additional 35,269 shares in the last quarter. Barclays PLC boosted its holdings in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after purchasing an additional 31,295 shares during the period. Geode Capital Management LLC grew its stake in Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in Innovative Industrial Properties during the 3rd quarter worth $713,000. Finally, Versor Investments LP raised its position in Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after purchasing an additional 6,062 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $73.41 on Thursday. The company has a 50-day moving average price of $73.43 and a 200-day moving average price of $104.88. Innovative Industrial Properties has a 52 week low of $62.45 and a 52 week high of $138.35. 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 firm has a market capitalization of $2.08 billion, a P/E ratio of 13.06 and a beta of 1.40.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Equities research analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share 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 given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 10.35%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

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.