Innovative Industrial Properties (NYSE:IIPR) Trading Down 9.1% - Here's What Happened

Key Points

• Innovative Industrial Properties (IIPR) experienced a significant decline in share price, dropping 9.1% on one trading day, closing at $46.91 after reaching a low of $46.26.
• Analysts have adjusted their price targets for IIPR, with Piper Sandler lowering its target from $55.00 to $45.00 and issuing an "underweight" rating.
• The company announced a quarterly dividend of $1.90 per share, reflecting a 16.5% yield, despite a high dividend payout ratio of 146.15%.

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s share price fell 9.1% on Thursday . The stock traded as low as $46.26 and last traded at $46.91. 364,446 shares changed hands during trading, an increase of 16% from the average session volume of 313,987 shares. The stock had previously closed at $51.62.

Analysts Set New Price Targets

A number of research firms have weighed in on IIPR. Piper Sandler lowered their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $78.67.

Innovative Industrial Properties Stock Performance

The business has a 50 day moving average price of $55.26 and a two-hundred day moving average price of $59.90. 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 $1.29 billion, a PE ratio of 8.85 and a beta of 1.65.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). The company had revenue of $71.72 million during the quarter, compared to the consensus estimate 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 period last year, the business earned $2.21 EPS. As a group, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 16.5%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is currently 146.15%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of IIPR. Vanguard Group Inc. boosted its holdings in Innovative Industrial Properties by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company's stock worth $241,747,000 after acquiring an additional 45,617 shares during the period. Northern Trust Corp boosted its stake in shares of Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company's stock worth $29,047,000 after acquiring an additional 74,342 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Innovative Industrial Properties by 2.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company's stock valued at $22,799,000 after buying an additional 7,272 shares during the last quarter. Invesco Ltd. lifted its position in shares of Innovative Industrial Properties by 16.2% during the 4th quarter. Invesco Ltd. now owns 278,053 shares of the company's stock worth $18,529,000 after buying an additional 38,832 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 valued at $11,433,000 after purchasing an additional 13,291 shares in the last quarter. 70.58% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.