Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Target Price at $78.67

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

Several research analysts have commented on the stock. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Piper Sandler decreased their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Compass Point reissued a "sell" rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Wolfe Research began coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target for the company. Finally, Roth Mkm decreased their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC grew its holdings in shares of Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after buying an additional 31,295 shares during the last quarter. SG Americas Securities LLC lifted its position in Innovative Industrial Properties by 551.6% during the 4th quarter. SG Americas Securities LLC now owns 7,519 shares of the company's stock worth $501,000 after acquiring an additional 6,365 shares during the period. Blue Trust Inc. grew its stake in shares of Innovative Industrial Properties by 30.5% in the 4th quarter. Blue Trust Inc. now owns 1,661 shares of the company's stock valued at $111,000 after purchasing an additional 388 shares during the last quarter. KBC Group NV increased its holdings in shares of Innovative Industrial Properties by 37.1% in the fourth quarter. KBC Group NV now owns 1,289 shares of the company's stock valued at $86,000 after purchasing an additional 349 shares during the period. Finally, Baader Bank Aktiengesellschaft raised its stake in shares of Innovative Industrial Properties by 3.6% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company's stock worth $378,000 after purchasing an additional 200 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Down 0.9%

IIPR traded down $0.50 on Friday, hitting $55.24. 232,070 shares of the company were exchanged, compared to its average volume of 273,533. The firm has a 50-day moving average price of $53.69 and a two-hundred day moving average price of $70.06. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties has a twelve month low of $45.44 and a twelve month high of $138.35. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 9.99 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. During the same period in the prior year, the firm posted $2.21 earnings per share. The business's quarterly revenue 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.76%. Innovative Industrial Properties's dividend payout ratio (DPR) is 146.15%.

Innovative Industrial Properties Company Profile

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.