Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Rating of "Hold" by Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) have received a consensus recommendation of "Hold" from the nine research firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $78.67.

IIPR has been the subject of several recent research reports. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Roth Mkm dropped their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Compass Point restated a "sell" rating and set a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Wolfe Research assumed coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price objective for the company. Finally, Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 15th.

Insider Buying and Selling 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 on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Innovative Industrial Properties

Hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. purchased a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $42,006,000. Norges Bank purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $22,635,000. Balyasny Asset Management L.P. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $9,615,000. Voloridge Investment Management LLC boosted its position in Innovative Industrial Properties by 2,683.2% during 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 in the last quarter. Finally, Cambiar Investors LLC lifted its position in shares of Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company's stock valued at $7,216,000 after buying an additional 85,244 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Shares of IIPR traded down $1.08 during mid-day trading on Tuesday, hitting $54.58. 193,188 shares of the stock were exchanged, compared to its average volume of 271,223. The firm has a 50-day moving average of $57.95 and a two-hundred day moving average of $78.15. Innovative Industrial Properties has a 52-week low of $45.44 and a 52-week high of $138.35. 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 company has a market cap of $1.53 billion, a PE ratio of 9.87 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same quarter last year, the business earned $2.21 EPS. Innovative Industrial Properties's revenue for the quarter was down 5.7% compared to the same quarter last year. On average, equities analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.92%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's payout ratio is presently 146.15%.

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.