Innovative Industrial Properties (NYSE:IIPR) Cut to “Neutral” at BTIG Research

BTIG Research downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a neutral rating in a research note released on Monday, MarketBeat reports.

A number of other equities analysts have also weighed in on the stock. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Alliance Global Partners initiated coverage on shares of Innovative Industrial Properties in a research report on Tuesday, December 17th. They set a “buy” rating and a $130.00 target price for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $70.35 on Monday. The company has a market cap of $1.99 billion, a P/E ratio of 12.52 and a beta of 1.31. The business has a fifty day simple moving average of $111.90 and a 200-day simple moving average of $117.46. Innovative Industrial Properties has a 52 week low of $68.73 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.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.29 EPS. Equities research analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 10.80%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Institutional Trading of Innovative Industrial Properties

Several large investors have recently bought and sold shares of IIPR. USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties in the third quarter valued at $25,000. Canton Hathaway LLC purchased a new position in Innovative Industrial Properties in the 3rd quarter valued at about $55,000. Loomis Sayles & Co. L P grew its stake in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares in the last quarter. US Bancorp DE increased its position in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after acquiring an additional 189 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares in the last quarter. 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.