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

Key Points

• Analysts have given Innovative Industrial Properties, Inc. (NYSE:IIPR) an average recommendation of "Hold", with two sell, five hold, one buy, and one strong buy rating.
• The company recently reported a quarterly EPS of $1.71, exceeding the consensus estimate of $1.68, despite a 21.2% decline in revenue compared to the same quarter last year.
• Innovative Industrial Properties announced a quarterly dividend of $1.90 per share, yielding approximately 13.9%, with a high dividend payout ratio of 164.50%.

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) have earned an average recommendation of "Hold" from the nine brokerages that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $78.6667.

Separately, Wolfe Research cut shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd.

Innovative Industrial Properties Trading Up 4.2%

Shares of Innovative Industrial Properties stock opened at $54.62 on Thursday. The company has a market capitalization of $1.53 billion, a P/E ratio of 11.82 and a beta of 1.65. Innovative Industrial Properties has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. 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 company has a fifty day moving average of $54.70 and a 200 day moving average of $59.26.

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

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.9%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is currently 164.50%.

Institutional Trading of Innovative Industrial Properties

Several hedge funds have recently made changes to their positions in IIPR. Summit Investment Advisors Inc. grew its holdings in Innovative Industrial Properties by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock valued at $196,000 after purchasing an additional 160 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in Innovative Industrial Properties by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock valued at $288,000 after purchasing an additional 164 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in Innovative Industrial Properties by 50.3% during 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. Pinebridge Investments L.P. grew its holdings in Innovative Industrial Properties by 4.3% during the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock valued at $312,000 after purchasing an additional 193 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in Innovative Industrial Properties by 4.6% during the 2nd quarter. Bank of Montreal Can now owns 5,259 shares of the company's stock valued at $290,000 after purchasing an additional 229 shares during the last quarter. 70.58% of the stock is currently 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.

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