Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Innovative Industrial Properties, Inc. has received a consensus recommendation of "Hold" from nine research firms, with two recommending sell and one strong buy.
• The company declared a quarterly dividend of $1.90 per share, representing a yield of 13.3%, though its dividend payout ratio stands at 164.50%.
• The firm's most recent earnings report showed $1.71 EPS, slightly exceeding expectations, but revenue was down 21.2% year-over-year at $62.89 million.

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

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

Innovative Industrial Properties Stock Up 1.2%

Innovative Industrial Properties stock opened at $57.32 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.30 and a current ratio of 10.30. Innovative Industrial Properties has a 52-week low of $45.44 and a 52-week high of $138.35. The firm has a 50 day moving average price of $53.87 and a two-hundred day moving average price of $56.94. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 12.41 and a beta of 1.61.

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

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 annualized dividend and a yield of 13.3%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 164.50%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Innovative Industrial Properties by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company's stock worth $241,747,000 after purchasing an additional 45,617 shares during the last quarter. Northern Trust Corp increased its stake in shares of Innovative Industrial Properties by 20.6% in the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company's stock valued at $29,047,000 after acquiring an additional 74,342 shares in the last quarter. Invesco Ltd. increased its stake in shares of Innovative Industrial Properties by 40.5% in the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company's stock valued at $21,101,000 after acquiring an additional 110,236 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Innovative Industrial Properties by 229.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company's stock valued at $15,906,000 after acquiring an additional 200,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Innovative Industrial Properties by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company's stock valued at $11,433,000 after acquiring an additional 13,291 shares in the last quarter. Institutional investors own 70.58% of the company's stock.

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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