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

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $62.45 and last traded at $64.96, with a volume of 282518 shares. The stock had previously closed at $63.43.

Wall Street Analyst Weigh In

IIPR has been the subject of several research analyst reports. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Price Performance

The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 11.77 and a beta of 1.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The stock’s 50 day simple moving average is $91.27 and its two-hundred day simple moving average is $112.79.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.29 EPS. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 11.49%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several large investors have recently made changes to their positions in IIPR. Bristlecone Advisors LLC lifted its holdings in Innovative Industrial Properties by 0.8% during the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after purchasing an additional 103 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Innovative Industrial Properties by 3.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock valued at $739,000 after acquiring an additional 168 shares during the last quarter. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $25,000. US Bancorp DE grew its position in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after acquiring an additional 189 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Innovative Industrial Properties by 46.3% during the 3rd quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock valued at $85,000 after purchasing an additional 200 shares in the last quarter. 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.