Innovative Industrial Properties' (IIPR) "Sell" Rating Reiterated at Compass Point

Compass Point reiterated their sell rating on shares of Innovative Industrial Properties (NYSE:IIPR - Free Report) in a report issued on Monday, MarketBeat Ratings reports. The firm currently has a $50.00 price target on the stock, down from their prior price target of $60.00.

A number of other research firms have also commented on IIPR. JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Industrial Alliance Securities set a $60.00 price target on shares of Innovative Industrial Properties in a report on Tuesday, March 18th. Roth Mkm reduced their price target on shares of 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. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Finally, Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and a consensus target price of $85.00.

Innovative Industrial Properties Stock Performance

IIPR stock traded up $0.64 during midday trading on Monday, reaching $53.06. 385,331 shares of the company's stock traded hands, compared to its average volume of 257,529. Innovative Industrial Properties has a 52 week low of $49.51 and a 52 week high of $138.35. The company has a 50-day moving average price of $69.20 and a two-hundred day moving average price of $93.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The firm has a market capitalization of $1.50 billion, a PE ratio of 9.61 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data 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 company had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. As a group, equities analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given 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 yield of 14.32%. Innovative Industrial Properties's payout ratio is 137.43%.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $1,820,000. Montchanin Asset Management LLC boosted its holdings in Innovative Industrial Properties by 39.8% during the 4th quarter. Montchanin Asset Management LLC now owns 10,530 shares of the company's stock valued at $702,000 after acquiring an additional 3,000 shares during the period. GF Fund Management CO. LTD. bought a new position in Innovative Industrial Properties during the 4th quarter worth approximately $34,000. Sunbelt Securities Inc. increased its stake in Innovative Industrial Properties by 4.2% in the 4th quarter. Sunbelt Securities Inc. now owns 14,854 shares of the company's stock worth $1,000,000 after purchasing an additional 604 shares during the period. Finally, Voloridge Investment Management LLC lifted its position in Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company's stock valued at $6,497,000 after purchasing an additional 93,991 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

About Innovative Industrial Properties

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.