Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down on Analyst Downgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price gapped down prior to trading on Monday after Compass Point lowered their price target on the stock from $78.00 to $60.00. The stock had previously closed at $69.62, but opened at $66.46. Compass Point currently has a neutral rating on the stock. Innovative Industrial Properties shares last traded at $64.77, with a volume of 129,361 shares traded.

Several other research analysts have also weighed in on IIPR. Roth Mkm lowered their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Piper Sandler lowered their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research report on Monday. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $88.00.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by insiders.

Institutional Trading of Innovative Industrial Properties

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after acquiring an additional 64,908 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $42,006,000. Wellington Management Group LLP raised its stake in shares of Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after acquiring an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock valued at $30,958,000 after acquiring an additional 7,179 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Innovative Industrial Properties by 20.6% in the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock valued at $29,047,000 after acquiring an additional 74,342 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 11.79 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The firm has a 50 day moving average price of $70.48 and a 200-day moving average price of $98.36.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.66%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

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.