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 medical-use 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.
Innovative Industrial Properties Stock Down 0.8 %
IIPR Stock traded down $0.76 during trading on Monday, reaching $93.65. The stock had a trading volume of 333,966 shares, compared to its average volume of 303,285. Innovative Industrial Properties has a one year low of $88.38 and a one year high of $288.02. The company has a quick ratio of 55.21, a current ratio of 55.21 and a debt-to-equity ratio of 0.15. The company's 50 day moving average is $110.95 and its two-hundred day moving average is $152.13. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 19.09 and a beta of 1.63.
Innovative Industrial Properties Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were paid a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 7.47%. The ex-dividend date of this dividend was Wednesday, June 29th. Innovative Industrial Properties's payout ratio is currently 137.80%.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the stock. BTIG Research decreased their price objective on shares of Innovative Industrial Properties from $290.00 to $248.00 and set a "buy" rating on the stock in a research note on Friday, July 15th. Piper Sandler decreased their target price on shares of Innovative Industrial Properties from $160.00 to $135.00 and set an "overweight" rating on the stock in a research note on Monday. Wolfe Research cut shares of Innovative Industrial Properties from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 19th. JMP Securities decreased their target price on shares of Innovative Industrial Properties from $190.00 to $150.00 and set a "market outperform" rating on the stock in a research note on Tuesday, July 19th. Finally, Craig Hallum decreased their target price on shares of Innovative Industrial Properties from $175.00 to $125.00 in a research note on Monday, July 18th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of "Moderate Buy" and an average target price of $151.60.