Innovative Industrial Properties (NYSE:IIPR) Reaches New 12-Month Low – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $64.75 and last traded at $65.29, with a volume of 183892 shares trading hands. The stock had previously closed at $66.40.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IIPR. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Finally, JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Performance

The company’s 50-day simple moving average is $98.92 and its 200 day simple moving average is $114.68. The stock has a market cap of $1.85 billion, a P/E ratio of 11.62 and a beta of 1.39. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same period last year, the company earned $2.29 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.64%. Innovative Industrial Properties’s payout ratio is 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds have recently bought and sold shares of the company. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties during the third quarter valued at about $25,000. Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P raised its holdings in Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares in the last quarter. US Bancorp DE lifted its position in Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after buying an additional 189 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares in the last quarter. Hedge funds and other institutional investors 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.