Wolfe Research Upgrades Innovative Industrial Properties (NYSE:IIPR) to Hold

Wolfe Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a hold rating in a research note issued to investors on Monday morning, Zacks.com reports.

Several other analysts also recently commented on the company. Roth Mkm raised their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a buy rating in a research note on Monday, July 22nd. Piper Sandler raised their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a neutral rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of Hold and a consensus target price of $130.00.

Innovative Industrial Properties Trading Down 1.4 %

NYSE IIPR opened at $134.00 on Monday. Innovative Industrial Properties has a 12 month low of $69.08 and a 12 month high of $138.35. The stock has a 50-day simple moving average of $123.09 and a 200 day simple moving average of $111.55. 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 company has a market capitalization of $3.80 billion, a PE ratio of 23.51 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same quarter in the prior year, the business earned $2.26 earnings per share. The business’s revenue was up 4.4% on a year-over-year basis. Research analysts forecast that Innovative Industrial Properties will post 8.47 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 5.67%. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

Institutional Trading of Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the business. Blue Trust Inc. increased its position in shares of Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the last quarter. Signaturefd LLC increased its holdings in Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares during the last quarter. GAMMA Investing LLC raised its position in Innovative Industrial Properties by 84.9% during the first quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock worth $54,000 after acquiring an additional 241 shares in the last quarter. Federated Hermes Inc. lifted its stake in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after acquiring an additional 312 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its stake in shares of Innovative Industrial Properties by 251.0% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock worth $73,000 after purchasing an additional 517 shares during the last quarter. 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.