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

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

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

Innovative Industrial Properties Stock Up 1.4%

Shares of NYSE:IIPR opened at $59.01 on Wednesday. Innovative Industrial Properties has a one year low of $45.44 and a one year high of $138.35. The company has a 50 day moving average of $55.21 and a 200-day moving average of $64.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 10.73 and a quick ratio of 10.73. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 11.35 and a beta of 1.70.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 12.88%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 146.15%.

Hedge Funds Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently modified their holdings of the business. Principal Securities Inc. lifted its position in Innovative Industrial Properties by 31.1% during the fourth quarter. Principal Securities Inc. now owns 1,192 shares of the company's stock worth $79,000 after purchasing an additional 283 shares during the period. State of New Jersey Common Pension Fund D raised its holdings in Innovative Industrial Properties by 25.8% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 19,766 shares of the company's stock valued at $1,317,000 after buying an additional 4,059 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Innovative Industrial Properties by 4.0% in the 4th quarter. Principal Financial Group Inc. now owns 151,394 shares of the company's stock valued at $10,089,000 after buying an additional 5,881 shares during the last quarter. Truist Financial Corp raised its holdings in Innovative Industrial Properties by 9.0% in the 4th quarter. Truist Financial Corp now owns 11,649 shares of the company's stock valued at $776,000 after buying an additional 964 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Innovative Industrial Properties in the 4th quarter valued at approximately $3,033,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.

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