Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week Low – What’s Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $45.44 and last traded at $45.8450, with a volume of 78843 shares traded. The stock had previously closed at $45.89.

Wall Street Analyst Weigh In

IIPR has been the topic of several recent research reports. Piper Sandler raised their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Innovative Industrial Properties in a report on Monday. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $78.50.

Innovative Industrial Properties Price Performance

The business has a 50-day simple moving average of $53.26 and a two-hundred day simple moving average of $54.34. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 10.74 and a beta of 1.64. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19.

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

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 16.8%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 180.09%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently bought and sold shares of the business. Signaturefd LLC grew its position in Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock valued at $41,000 after purchasing an additional 251 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Innovative Industrial Properties in the 1st quarter valued at $947,000. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Innovative Industrial Properties by 1.5% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 27,727 shares of the company’s stock worth $1,500,000 after acquiring an additional 411 shares during the period. Cetera Investment Advisers lifted its position in Innovative Industrial Properties by 3.9% during the 1st quarter. Cetera Investment Advisers now owns 13,762 shares of the company’s stock worth $744,000 after acquiring an additional 522 shares during the last quarter. Finally, Inspire Advisors LLC acquired a new stake in shares of Innovative Industrial Properties in the first quarter valued at about $275,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

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.