Innovative Industrial Properties (NYSE:IIPR) Given New $55.00 Price Target at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR - Free Report) had its target price reduced by Piper Sandler from $60.00 to $55.00 in a report released on Monday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the stock.

Other equities analysts have also issued research reports about the company. Compass Point reissued a "sell" rating and set a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday. Roth Mkm dropped their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. Alliance Global Partners cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $85.00.

Innovative Industrial Properties Trading Up 1.2 %

Shares of Innovative Industrial Properties stock traded up $0.64 during midday trading on Monday, reaching $53.06. 385,331 shares of the company's stock traded hands, compared to its average volume of 257,529. The company has a market cap of $1.50 billion, a PE ratio of 9.61 and a beta of 1.59. The stock has a 50 day moving average of $69.20 and a 200-day moving average of $93.48. Innovative Industrial Properties has a 12 month low of $49.51 and a 12 month high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. The business had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, equities analysts expect that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 14.32%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 137.43%.

Insider Activity at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently modified their holdings of IIPR. Bogart Wealth LLC bought a new position in Innovative Industrial Properties during the 4th quarter valued at about $27,000. Compass Financial Services Inc purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $32,000. GF Fund Management CO. LTD. bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $34,000. Smartleaf Asset Management LLC boosted its holdings in Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after purchasing an additional 417 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter worth approximately $50,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

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.