Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) shares crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $60.92 and traded as low as $55.28. Innovative Industrial Properties shares last traded at $55.72, with a volume of 349,652 shares changing hands.
Analysts Set New Price Targets
A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Weiss Ratings upgraded shares of Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Finally, Piper Sandler increased their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an "underweight" rating in a research note on Tuesday, July 21st. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $48.00.
Read Our Latest Research Report on IIPR
Innovative Industrial Properties Stock Down 0.5%
The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 12.63 and a beta of 1.38. The business has a 50-day moving average of $60.92 and a 200-day moving average of $55.60. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The company had revenue of $63.31 million for the quarter, compared to analysts' expectations of $67.09 million. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 7.15 EPS for the current year.
Innovative Industrial Properties Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.90 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 13.6%. Innovative Industrial Properties's dividend payout ratio is 172.34%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its position in shares of Innovative Industrial Properties by 34.4% during the first quarter. Royal Bank of Canada now owns 14,318 shares of the company's stock worth $773,000 after acquiring an additional 3,667 shares during the period. Amundi grew its stake in Innovative Industrial Properties by 3.4% during the 1st quarter. Amundi now owns 15,766 shares of the company's stock worth $826,000 after purchasing an additional 523 shares in the last quarter. AQR Capital Management LLC acquired a new position in Innovative Industrial Properties during the 1st quarter worth $1,470,000. Millennium Management LLC increased 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 worth $8,520,000 after purchasing an additional 144,714 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Innovative Industrial Properties by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company's stock worth $11,433,000 after purchasing an additional 13,291 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.
About Innovative Industrial Properties
(
Get Free Report)
Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.
Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.
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