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

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) have been assigned a consensus recommendation of "Hold" from the nine analysts that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $78.67.

IIPR has been the subject of several recent research reports. Compass Point reiterated 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 lowered Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Piper Sandler lowered their price objective on 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.

Innovative Industrial Properties Trading Up 0.7%

Shares of NYSE IIPR traded up $0.38 during midday trading on Friday, reaching $54.82. 164,426 shares of the stock were exchanged, compared to its average volume of 287,101. The business has a 50-day simple moving average of $55.98 and a two-hundred day simple moving average of $60.83. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 10.54 and a beta of 1.69. Innovative Industrial Properties has a 12 month low of $45.44 and a 12 month high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 10.73 and a quick ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The business had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. During the same quarter last year, the company posted $2.21 EPS. The firm's revenue was down 5.7% on a year-over-year basis. As a group, equities research analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $1.90 per share. The ex-dividend date was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.86%. Innovative Industrial Properties's dividend payout ratio is 146.15%.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors have recently modified their holdings of the stock. Flaharty Asset Management LLC purchased a new position in Innovative Industrial Properties in the first quarter worth about $27,000. AdvisorNet Financial Inc lifted its stake in shares of Innovative Industrial Properties by 50.3% in the 2nd quarter. AdvisorNet Financial Inc now owns 559 shares of the company's stock valued at $31,000 after purchasing an additional 187 shares during the last quarter. PSI Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 454.5% in the 1st quarter. PSI Advisors LLC now owns 610 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. SSA Swiss Advisors AG bought a new stake in shares of Innovative Industrial Properties in the 1st quarter valued at approximately $33,000. Finally, GF Fund Management CO. LTD. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $34,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.