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

Key Points

• Innovative Industrial Properties, Inc. has received a consensus rating of "Hold" from ten ratings firms, with two sell recommendations, six holds, one buy, and one strong buy.
• The company reported $1.71 earnings per share for the last quarter, exceeding estimates, but its quarterly revenue was down by 21.2% compared to the same quarter last year.
• Innovative Industrial Properties declared a quarterly dividend of $1.90, representing an annual yield of 13.4%, although its dividend payout ratio stands at 164.50%.

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) have received a consensus recommendation of "Hold" from the ten ratings firms that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $78.6667.

A number of equities analysts have commented on IIPR shares. Wolfe Research downgraded Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. Weiss Ratings restated a "hold (c-)" rating on shares of Innovative Industrial Properties in a report on Saturday, September 27th.

Innovative Industrial Properties Price Performance

Shares of IIPR traded down $0.08 during midday trading on Friday, hitting $56.56. 324,106 shares of the company traded hands, compared to its average volume of 312,622. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.30 and a current ratio of 10.30. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 12.24 and a beta of 1.64. Innovative Industrial Properties has a 52 week low of $45.44 and a 52 week high of $136.80. The firm has a 50 day moving average of $54.35 and a 200-day moving average of $55.09.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.03. The business had revenue of $62.89 million during the quarter, compared to the consensus estimate of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The firm's quarterly revenue was down 21.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.06 earnings per share. On average, analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.4%. The ex-dividend date is Tuesday, September 30th. Innovative Industrial Properties's dividend payout ratio is 164.50%.

Institutional Trading of Innovative Industrial Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in Innovative Industrial Properties by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock worth $8,403,000 after buying an additional 3,961 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Innovative Industrial Properties by 9.1% in the fourth quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock worth $1,117,000 after acquiring an additional 1,395 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Innovative Industrial Properties by 6.9% in the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after acquiring an additional 319 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Innovative Industrial Properties by 5.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,234 shares of the company's stock worth $1,040,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of Innovative Industrial Properties by 83.7% during the 1st quarter. Intech Investment Management LLC now owns 45,431 shares of the company's stock worth $2,457,000 after purchasing an additional 20,701 shares during the last quarter. Institutional investors and hedge funds 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.

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