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.
Analysts Set New Price Targets
A number of equities analysts recently commented on the stock. Compass Point downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research note on Monday. Craig Hallum decreased their price objective on Innovative Industrial Properties from $175.00 to $125.00 in a research note on Monday, July 18th. TheStreet lowered Innovative Industrial Properties from a "b-" rating to a "c+" rating in a research note on Monday, July 25th. JMP Securities decreased their price target on shares of Innovative Industrial Properties from $190.00 to $150.00 and set a "market outperform" rating for the company in a research report on Tuesday, July 19th. Finally, BTIG Research cut 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 report on Friday, July 15th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $151.60.
Innovative Industrial Properties Stock Performance
Shares of NYSE:IIPR traded up $1.25 on Friday, hitting $97.62. 3,469 shares of the company were exchanged, compared to its average volume of 405,847. The company has a current ratio of 55.21, a quick ratio of 55.21 and a debt-to-equity ratio of 0.15. The stock's 50 day moving average price is $107.77 and its 200 day moving average price is $149.97. Innovative Industrial Properties has a 1-year low of $88.38 and a 1-year high of $288.02. The firm has a market capitalization of $2.73 billion, a P/E ratio of 18.97 and a beta of 1.63.
Innovative Industrial Properties Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were paid a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 7.17%. The ex-dividend date was Wednesday, June 29th. Innovative Industrial Properties's payout ratio is 137.80%.
Insider Buying and Selling
In other Innovative Industrial Properties news, Chairman Alan D. Gold purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 10th. The shares were bought at an average price of $94.22 per share, for a total transaction of $94,220.00. Following the acquisition, the chairman now owns 212,308 shares in the company, valued at $20,003,659.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.50% of the company's stock.