Innovative Industrial Properties (NYSE:IIPR) Cut to Peer Perform at Wolfe Research

Wolfe Research lowered shares of Innovative Industrial Properties (NYSE:IIPR - Free Report) from an outperform rating to a peer perform rating in a research note released on Wednesday morning, Marketbeat reports.

A number of other research firms have also recently weighed in on IIPR. Piper Sandler cut their price objective 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. Compass Point restated a "sell" rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Finally, Industrial Alliance Securities restated a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $78.67.

Innovative Industrial Properties Price Performance

NYSE:IIPR traded down $0.29 during trading hours on Wednesday, hitting $56.79. 144,075 shares of the stock traded hands, compared to its average volume of 282,087. Innovative Industrial Properties has a 1 year low of $45.44 and a 1 year high of $138.35. The stock has a 50 day moving average price of $55.97 and a 200 day moving average price of $62.27. The company has a quick ratio of 10.73, a current ratio of 10.73 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 10.92 and a beta of 1.69.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its 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). Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 50.30%. The company had revenue of $71.72 million during the quarter, compared to analysts' expectations of $72.20 million. During the same period last year, the firm posted $2.21 EPS. Innovative Industrial Properties's quarterly revenue was down 5.7% compared to the same quarter last year. Sell-side analysts forecast that Innovative Industrial Properties 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, July 15th. Investors of record on Monday, June 30th will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.38%. The ex-dividend date of this dividend is Monday, June 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 146.15%.

Institutional Trading of Innovative Industrial Properties

Hedge funds have recently added to or reduced their stakes in the business. Flaharty Asset Management LLC bought a new position in shares of Innovative Industrial Properties in the 1st quarter worth $27,000. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties in the 4th quarter worth $34,000. SSA Swiss Advisors AG bought a new position in shares of Innovative Industrial Properties in the 1st quarter worth $33,000. PSI Advisors LLC lifted its position in shares of Innovative Industrial Properties by 454.5% during the first quarter. PSI Advisors LLC now owns 610 shares of the company's stock valued at $33,000 after buying an additional 500 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after buying an additional 417 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

About Innovative Industrial Properties

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.