Innovative Industrial Properties (NYSE:IIPR) Reaches New 1-Year Low After Analyst Downgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s stock price reached a new 52-week low during trading on Monday after Piper Sandler lowered their price target on the stock from $60.00 to $55.00. Piper Sandler currently has an underweight rating on the stock. Innovative Industrial Properties traded as low as $49.51 and last traded at $53.51, with a volume of 266713 shares trading hands. The stock had previously closed at $61.85.

Other research analysts also recently issued research reports about the company. 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 research note on Monday. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research report on Tuesday, March 18th. Alliance Global Partners cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Finally, Roth Mkm dropped their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $85.00.

Insider Buying and Selling

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Bogart Wealth LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $27,000. Compass Financial Services Inc bought a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $32,000. GF Fund Management CO. LTD. purchased a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $34,000. Smartleaf Asset Management LLC lifted its stake in shares of Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after purchasing an additional 417 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter worth $50,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

The firm has a market cap of $1.50 billion, a P/E ratio of 9.58 and a beta of 1.59. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $69.20 and a 200-day simple moving average of $93.48.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 14.32%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

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.