Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $106.33 and last traded at $105.72, with a volume of 242348 shares traded. The stock had previously closed at $103.40.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a "neutral" rating in a research report on Thursday, February 29th. TheStreet raised shares of Innovative Industrial Properties from a "c+" rating to a "b-" rating in a report on Wednesday, January 10th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $92.67.
Check Out Our Latest Research Report on IIPR
Innovative Industrial Properties Stock Up 2.0 %
The business's fifty day moving average price is $98.45 and its 200 day moving average price is $91.49. The company has a market capitalization of $2.98 billion, a P/E ratio of 18.28 and a beta of 1.49. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Monday, February 26th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.62). Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. The firm had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current fiscal year.
Innovative Industrial Properties Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 6.90%. The ex-dividend date was Wednesday, March 27th. Innovative Industrial Properties's dividend payout ratio is currently 126.17%.
Hedge Funds Weigh In On Innovative Industrial Properties
Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in shares of Innovative Industrial Properties by 17.1% in the first quarter. BNP Paribas Financial Markets now owns 14,397 shares of the company's stock worth $1,491,000 after acquiring an additional 2,098 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Innovative Industrial Properties by 18.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company's stock worth $21,242,000 after acquiring an additional 31,313 shares during the last quarter. Private Advisor Group LLC raised its stake in shares of Innovative Industrial Properties by 1.7% in the first quarter. Private Advisor Group LLC now owns 15,817 shares of the company's stock worth $1,638,000 after acquiring an additional 259 shares during the last quarter. HB Wealth Management LLC bought a new position in shares of Innovative Industrial Properties in the first quarter worth about $492,000. Finally, MONECO Advisors LLC raised its stake in shares of Innovative Industrial Properties by 1.0% in the first quarter. MONECO Advisors LLC now owns 32,143 shares of the company's stock worth $3,328,000 after acquiring an additional 331 shares during the last quarter. 70.58% of the stock is owned by institutional investors.
Innovative Industrial Properties Company Profile
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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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