Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $78.67 Average Price Target from Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) has been assigned an average recommendation of "Hold" from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $78.67.

A number of equities research analysts have issued reports on the stock. Compass Point reissued a "sell" rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Roth Mkm lowered their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Piper Sandler lowered 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 report on Tuesday, April 15th. Finally, Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 target price on the stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Barclays PLC grew its position in Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after acquiring an additional 31,295 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock worth $30,958,000 after acquiring an additional 7,179 shares in the last quarter. Vanguard Group Inc. grew its position in Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock worth $294,798,000 after acquiring an additional 64,908 shares in the last quarter. LPL Financial LLC grew its position in Innovative Industrial Properties by 30.4% in the fourth quarter. LPL Financial LLC now owns 39,919 shares of the company's stock worth $2,660,000 after acquiring an additional 9,312 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in Innovative Industrial Properties by 28.7% in the fourth quarter. Jones Financial Companies Lllp now owns 5,127 shares of the company's stock worth $342,000 after acquiring an additional 1,143 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR traded down $1.03 during mid-day trading on Friday, reaching $54.19. The company had a trading volume of 207,394 shares, compared to its average volume of 337,422. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 9.80 and a beta of 1.73. The company's 50-day moving average price is $54.26 and its 200-day moving average price is $70.60. Innovative Industrial Properties has a one year low of $45.44 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period in the previous year, the firm earned $2.21 EPS. The company's revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.02%. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 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.