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

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 presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $78.67.

A number of equities analysts have recently issued reports on IIPR shares. Wolfe Research started coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 target price for the company. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Piper Sandler dropped their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Finally, Compass Point reaffirmed a "sell" rating and issued a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of large investors have recently bought and sold shares of IIPR. Norges Bank acquired a new stake in Innovative Industrial Properties during the 4th quarter valued at $22,635,000. Millennium Management LLC grew its holdings in Innovative Industrial Properties by 1,131.0% during the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company's stock valued at $8,520,000 after buying an additional 144,714 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $9,615,000. Nuveen LLC acquired a new stake in shares of Innovative Industrial Properties during the first quarter worth $5,716,000. Finally, Voloridge Investment Management LLC boosted its holdings in shares of Innovative Industrial Properties by 2,683.2% during the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company's stock worth $6,497,000 after purchasing an additional 93,991 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded down $0.67 during trading hours on Wednesday, reaching $57.26. 434,111 shares of the company's stock were exchanged, compared to its average volume of 279,441. The company has a market cap of $1.60 billion, a P/E ratio of 11.01 and a beta of 1.70. The company's 50 day moving average is $55.58 and its two-hundred day moving average is $63.85. Innovative Industrial Properties has a 1 year low of $45.44 and a 1 year 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 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). The business had revenue of $71.72 million for the quarter, compared to analysts' expectations of $72.20 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 50.30%. The business's quarterly revenue was down 5.7% on a year-over-year basis. During the same period last year, the company posted $2.21 earnings per share. Equities research analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 13.27%. The ex-dividend date of this dividend is Monday, June 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 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.