Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares gapped down before the market opened on Thursday . The stock had previously closed at $123.00, but opened at $113.20. Innovative Industrial Properties shares last traded at $111.14, with a volume of 165,231 shares traded.

Analyst Upgrades and Downgrades

Several analysts have weighed in on IIPR shares. Roth Mkm boosted their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Piper Sandler cut their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Friday. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Stock Down 3.4 %

The company’s fifty day simple moving average is $129.74 and its 200 day simple moving average is $118.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.01 billion, a P/E ratio of 18.93 and a beta of 1.37.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.14%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at $25,000. Blue Trust Inc. grew its holdings in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the period. Signaturefd LLC increased its stake in shares of Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after purchasing an additional 312 shares during the last quarter. Finally, US Bancorp DE boosted its position in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares in the last quarter. 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.