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

Innovative Industrial Properties (NYSE:IIPR) had its target price cut by Compass Point from $78.00 to $60.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

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

Innovative Industrial Properties Trading Down 0.7 %

Shares of IIPR opened at $63.40 on Tuesday. Innovative Industrial Properties has a 52-week low of $62.45 and a 52-week high of $138.35. The stock has a market cap of $1.80 billion, a PE ratio of 11.46 and a beta of 1.49. The firm’s fifty day moving average is $70.41 and its two-hundred day moving average is $97.87. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

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

Innovative Industrial Properties Dividend Announcement

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

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business’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 value of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its stake in shares of Innovative Industrial Properties by 23.4% in the third quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after buying an additional 6,977 shares in the last quarter. KBC Group NV grew its position in Innovative Industrial Properties by 28.2% in the 3rd quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after acquiring an additional 207 shares in the last quarter. Metis Global Partners LLC increased its stake in Innovative Industrial Properties by 29.6% during the third quarter. Metis Global Partners LLC now owns 2,917 shares of the company’s stock worth $393,000 after purchasing an additional 667 shares during the period. Thrivent Financial for Lutherans increased its stake in Innovative Industrial Properties by 1.1% during the third quarter. Thrivent Financial for Lutherans now owns 48,539 shares of the company’s stock worth $6,533,000 after purchasing an additional 505 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Innovative Industrial Properties during the third quarter worth about $95,000. 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.