Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down After Analyst Downgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price gapped down before the market opened on Monday after Compass Point lowered their price target on the stock from $78.00 to $60.00. The stock had previously closed at $69.62, but opened at $66.46. Compass Point currently has a neutral rating on the stock. Innovative Industrial Properties shares last traded at $64.77, with a volume of 129,361 shares traded.

A number of other equities analysts have also recently issued reports on the company. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Mkm cut their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Piper Sandler cut their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a report on Monday. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a 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 assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus target price of $88.00.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Several large investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at $1,820,000. Montchanin Asset Management LLC increased its position in shares of Innovative Industrial Properties by 39.8% during the 4th quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company’s stock valued at $702,000 after purchasing an additional 3,000 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at $34,000. Sunbelt Securities Inc. increased its position in shares of Innovative Industrial Properties by 4.2% during the 4th quarter. Sunbelt Securities Inc. now owns 14,854 shares of the company’s stock valued at $1,000,000 after purchasing an additional 604 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its position in shares of Innovative Industrial Properties by 2,683.2% during the 4th quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock valued at $6,497,000 after purchasing an additional 93,991 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 1.5 %

The stock has a market capitalization of $1.85 billion, a PE ratio of 11.79 and a beta of 1.49. The firm has a 50-day moving average price of $70.48 and a 200-day moving average price of $98.36. The company has a current ratio of 14.32, a quick ratio of 11.53 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. The company had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company 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 dividend of $1.90 per share. The ex-dividend date is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.66%. Innovative Industrial Properties’s payout ratio is 137.43%.

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.