Innovative Industrial Properties (NYSE:IIPR) Downgraded to Neutral Rating by Compass Point

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Compass Point from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat Ratings reports. They currently have a $78.00 target price on the stock, down from their prior target price of $125.00. Compass Point’s price objective suggests a potential upside of 5.89% from the company’s previous close.

Other research analysts also recently issued reports about the company. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Finally, Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties in a report on Tuesday, December 17th. They set a “buy” rating and a $130.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $73.66 on Friday. The firm has a 50 day moving average of $114.40 and a 200-day moving average of $117.93. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 13.11 and a beta of 1.30. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 52 week low of $70.88 and a 52 week high of $138.35.

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

Institutional Trading of Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the company. USA Financial Formulas bought a new stake in Innovative Industrial Properties in the 3rd quarter worth about $25,000. Canton Hathaway LLC purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $55,000. Loomis Sayles & Co. L P grew its holdings in shares of Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares in the last quarter. US Bancorp DE increased its position in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after acquiring an additional 438 shares during the period. 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.