Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $102.00 Average PT from Brokerages

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned a consensus recommendation of “Hold” from the eight brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $88.00.

Several research analysts have recently weighed in on IIPR shares. Roth Mkm cut their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research note on Tuesday, March 18th. Piper Sandler cut their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday, March 17th. Finally, Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd.

Innovative Industrial Properties Stock Up 0.1 %

Innovative Industrial Properties stock opened at $63.44 on Monday. The company has a market capitalization of $1.80 billion, a PE ratio of 11.47 and a beta of 1.49. The firm’s fifty day moving average is $70.42 and its 200 day moving average is $97.11. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties has a 12-month low of $61.72 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) 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 business had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.98%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently added to or reduced their stakes in IIPR. Bogart Wealth LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth about $27,000. Canton Hathaway LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P boosted its holdings in 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 worth $57,000 after purchasing an additional 407 shares during the last quarter. US Bancorp DE boosted its holdings in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares during the last quarter. Finally, Compass Financial Services Inc bought a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $32,000. 70.58% of the stock is currently 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.