Compass Point Cuts Innovative Industrial Properties (NYSE:IIPR) Price Target to $60.00

Innovative Industrial Properties (NYSE:IIPR) had its target price reduced by Compass Point from $78.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. Compass Point currently has a neutral rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a report on Monday. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Roth Mkm lowered their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $88.00.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $63.40 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 11.46 and a beta of 1.49. The stock’s 50-day moving average is $70.41 and its two-hundred day moving average is $97.87. Innovative Industrial Properties has a 1-year low of $62.45 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.99%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Innovative Industrial Properties

A number of large investors have recently bought and sold shares of IIPR. JPMorgan Chase & Co. raised its holdings in shares of Innovative Industrial Properties by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after buying an additional 35,269 shares during the last quarter. Barclays PLC increased its position in Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after acquiring an additional 31,295 shares during the period. Geode Capital Management LLC raised its stake in Innovative Industrial Properties by 31.9% during the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after acquiring an additional 12,791 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after acquiring an additional 7,179 shares during the period. Finally, TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $2,572,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.