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

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned an average rating of “Reduce” from the six analysts that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $68.20.

A number of equities analysts recently issued reports on IIPR shares. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, December 29th. Piper Sandler lifted their target price on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 5th.

Innovative Industrial Properties Trading Up 1.4%

Shares of IIPR opened at $50.58 on Friday. The company’s fifty day simple moving average is $50.60 and its 200-day simple moving average is $53.01. The company has a market cap of $1.42 billion, a P/E ratio of 11.99 and a beta of 1.46. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties has a twelve month low of $44.58 and a twelve month high of $75.71.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02). Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The firm had revenue of $64.69 million during the quarter, compared to analysts’ expectations of $63.72 million. During the same period last year, the company earned $2.25 earnings per share. The business’s revenue for the quarter was down 15.4% compared to the same quarter last year. As a group, analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.0%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 180.09%.

Insider Buying and Selling

In other news, CFO David Jon Smith purchased 600 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was purchased at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the completion of the acquisition, the chief financial officer owned 600 shares of the company’s stock, valued at approximately $27,540. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Alan D. Gold acquired 2,600 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was purchased at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the purchase, the chairman owned 2,600 shares of the company’s stock, valued at $127,634. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 4,200 shares of company stock valued at $201,434 in the last quarter. 2.00% of the stock is owned by company insiders.

Institutional Trading of Innovative Industrial Properties

Several institutional investors and hedge funds have recently made changes to their positions in the company. West Oak Capital LLC acquired a new stake in Innovative Industrial Properties in the 3rd quarter worth approximately $27,000. AdvisorNet Financial Inc raised its holdings in shares of Innovative Industrial Properties by 50.3% in the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after buying an additional 187 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at $32,000. Advisory Services Network LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at $34,000. Finally, Huntington National Bank increased its position in shares of Innovative Industrial Properties by 110.6% in the 3rd quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after acquiring an additional 366 shares during the period. 70.58% of the stock is currently owned by institutional investors.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.