Innovative Industrial Properties (NYSE:IIPR) Shares Up 4.5%

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) shot up 4.5% during mid-day trading on Tuesday . The stock traded as high as $103.23 and last traded at $103.20. 369,106 shares were traded during mid-day trading, an increase of 69% from the average session volume of 217,976 shares. The stock had previously closed at $98.71.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company a "neutral" rating in a research note on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a "c+" rating to a "b-" rating in a research report on Wednesday, January 10th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $92.67.

Innovative Industrial Properties Stock Performance

The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 17.92 and a beta of 1.49. The stock's 50-day simple moving average is $97.89 and its 200 day simple moving average is $91.19.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.62). The business had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. Analysts expect that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 7.03%. Innovative Industrial Properties's payout ratio is 126.17%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IIPR. HB Wealth Management LLC acquired a new stake in shares of Innovative Industrial Properties during the first quarter worth $492,000. MONECO Advisors LLC increased its holdings in Innovative Industrial Properties by 1.0% during the 1st quarter. MONECO Advisors LLC now owns 32,143 shares of the company's stock worth $3,328,000 after purchasing an additional 331 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Innovative Industrial Properties by 2.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,507 shares of the company's stock valued at $1,813,000 after purchasing an additional 438 shares during the period. Newbridge Financial Services Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 132.4% in the first quarter. Newbridge Financial Services Group Inc. now owns 1,680 shares of the company's stock valued at $174,000 after purchasing an additional 957 shares in the last quarter. Finally, Lee Financial Group Hawaii Inc. boosted its position in shares of Innovative Industrial Properties by 4.5% during the first quarter. Lee Financial Group Hawaii Inc. now owns 8,389 shares of the company's stock worth $869,000 after buying an additional 364 shares during the period. 70.58% of the stock is currently owned by 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.