Innovative Industrial Properties (NYSE:IIPR) Stock Rating Upgraded by Alliance Global Partners

Key Points

• Alliance Global Partners upgraded Innovative Industrial Properties to “buy” from “neutral” and set a $64 price target, implying 16.94% upside from the current share price.
• Analyst views remain mixed: the stock has a consensus “hold” rating and an average price target of $54.25, with three buy, three hold, and one sell rating.
• The company beat quarterly expectations, reporting EPS of $0.99 versus $0.90 expected and revenue of $64.92 million versus a $61.03 million estimate.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) was upgraded by analysts at Alliance Global Partners from a "neutral" rating to a "buy" rating in a research note issued to investors on Monday, FinViz reports. The firm currently has a $64.00 price objective on the stock. Alliance Global Partners's price objective would indicate a potential upside of 16.94% from the company's current price.

Several other brokerages also recently commented on IIPR. Huntington began coverage on Innovative Industrial Properties in a research note on Friday, October 2nd. They set an "outperform" rating and a $60.00 target price for the company. Weiss Ratings cut Innovative Industrial Properties from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Piper Sandler raised their price target on Innovative Industrial Properties from $44.00 to $46.00 and gave the company an "underweight" rating in a report on Wednesday, November 4th. Finally, Stifel Nicolaus began coverage on shares of Innovative Industrial Properties in a research report on Wednesday, October 14th. They set a "buy" rating and a $56.25 price objective for the company. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $54.25.

Innovative Industrial Properties Stock Down 0.2%

Shares of IIPR stock opened at $54.73 on Monday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 10.66 and a current ratio of 10.66. The firm's 50-day moving average is $54.26 and its 200-day moving average is $55.16. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 12.35 and a beta of 1.33. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $65.38.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Monday, November 2nd. The company reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.09. The business had revenue of $64.92 million during the quarter, compared to analysts' expectations of $61.03 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 53.20%. Sell-side analysts predict that Innovative Industrial Properties will post 6.85 EPS for the current year.

Insider Activity

In other news, Director Bruce Ives purchased 528 shares of the company's stock in a transaction that occurred on Monday, August 31st. The stock was acquired at an average cost of $56.70 per share, with a total value of $29,937.60. Following the acquisition, the director owned 3,180 shares in the company, valued at approximately $180,306. This trade represents a 19.91% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Alan D. Gold purchased 40,000 shares of Innovative Industrial Properties stock in a transaction that occurred on Thursday, October 8th. The stock was purchased at an average price of $25.00 per share, with a total value of $1,000,000.00. Following the completion of the purchase, the chairman directly owned 40,000 shares in the company, valued at $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Innovative Industrial Properties during the second quarter valued at approximately $309,746,000. Arrowstreet Capital Limited Partnership lifted its stake in Innovative Industrial Properties by 3,423.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company's stock worth $27,066,000 after purchasing an additional 524,284 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Innovative Industrial Properties during the second quarter worth $12,793,000. Legal & General Group Plc acquired a new stake in shares of Innovative Industrial Properties in the 2nd quarter valued at $10,438,000. Finally, Compass Financial Management LLC acquired a new stake in shares of Innovative Industrial Properties in the 2nd quarter valued at $4,475,000. Institutional investors 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 in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.

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