Huntington Initiates Coverage on Innovative Industrial Properties (NYSE:IIPR)

Key Points

• Huntington initiated coverage of Innovative Industrial Properties with an “outperform” rating and a $60 price target, implying 17.6% upside from the prior close.
• IIPR shares opened at $51.02 and were down 3.1%; the stock has a consensus rating of “Hold” and an average analyst price target of $52.00.
• The company exceeded quarterly EPS expectations, reporting $1.36 versus the $1.02 consensus, though revenue of $63.31 million fell short of estimates. Institutional investors own approximately 70.6% of the stock.

Stock analysts at Huntington initiated coverage on shares of Innovative Industrial Properties (NYSE:IIPR - Get Free Report) in a research note issued on Friday, Briefing.com reports. The firm set an "outperform" rating and a $60.00 price target on the stock. Huntington's price objective indicates a potential upside of 17.60% from the company's previous close.

IIPR has been the topic of several other research reports. Weiss Ratings upgraded Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Piper Sandler increased their price target on Innovative Industrial Properties from $45.00 to $51.00 and gave the company an "underweight" rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $52.00.

Innovative Industrial Properties Trading Down 3.1%

Shares of Innovative Industrial Properties stock opened at $51.02 on Friday. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. The company has a market cap of $1.41 billion, a P/E ratio of 11.57 and a beta of 1.37. The firm has a 50-day simple moving average of $57.00 and a two-hundred day simple moving average of $56.99.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The company had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. As a group, equities analysts predict that Innovative Industrial Properties will post 7.05 earnings per share for the current fiscal year.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director Scott Shoemaker sold 611 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total value of $34,435.96. Following the sale, the director owned 2,000 shares of the company's stock, valued at $112,720. The trade was a 23.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce Ives purchased 528 shares of the stock in a transaction dated Monday, August 31st. The shares were purchased at an average price of $56.70 per share, with a total value of $29,937.60. Following the completion of the transaction, the director owned 3,180 shares of the company's stock, valued at approximately $180,306. This trade represents a 19.91% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Innovative Industrial Properties

Several hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its stake in shares of Innovative Industrial Properties by 6.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company's stock worth $159,000 after buying an additional 182 shares during the last quarter. PFG Investments LLC boosted its stake in shares of Innovative Industrial Properties by 3.3% during the first quarter. PFG Investments LLC now owns 7,300 shares of the company's stock valued at $366,000 after acquiring an additional 231 shares during the last quarter. Centaurus Financial Inc. lifted its holdings in Innovative Industrial Properties by 1.9% in the 1st quarter. Centaurus Financial Inc. now owns 14,119 shares of the company's stock valued at $708,000 after purchasing an additional 259 shares in the last quarter. Sigma Planning Corp raised its position in shares of Innovative Industrial Properties by 3.4% in the second quarter. Sigma Planning Corp now owns 10,232 shares of the company's stock valued at $634,000 after buying an additional 340 shares during the last quarter. Finally, Nykredit A S acquired a new stake in Innovative Industrial Properties during the second quarter worth approximately $25,000. Institutional investors and hedge funds own 70.58% of the company's stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc NYSE: IIPR is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.

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