Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $85.00 Average PT from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received an average rating of “Hold” from the nine brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $83.00.

A number of analysts recently issued reports on IIPR shares. Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday. Roth Mkm dropped their target price on 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. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, Compass Point reaffirmed a “sell” rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $51.50 on Friday. The firm has a market capitalization of $1.46 billion, a P/E ratio of 9.31 and a beta of 1.59. The stock has a 50-day simple moving average of $64.63 and a two-hundred day simple moving average of $87.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. Innovative Industrial Properties has a fifty-two week low of $45.44 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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%. On average, equities analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $1.90 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.76%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. purchased a new position in shares of Innovative Industrial Properties during the 4th quarter worth $42,006,000. Norges Bank acquired a new position in Innovative Industrial Properties during the 4th quarter worth about $22,635,000. Balyasny Asset Management L.P. purchased a new position in Innovative Industrial Properties during the 4th quarter valued at about $9,615,000. Voloridge Investment Management LLC grew its position in Innovative Industrial Properties by 2,683.2% in the 4th quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock valued at $6,497,000 after acquiring an additional 93,991 shares in the last quarter. Finally, Cambiar Investors LLC increased its stake in Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after purchasing an additional 85,244 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.