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 Performance
NYSE:IIPR traded up $1.56 during mid-day trading on Thursday, hitting $95.92. The company's stock had a trading volume of 3,205 shares, compared to its average volume of 402,303. Innovative Industrial Properties has a 1 year low of $88.38 and a 1 year high of $288.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 55.21 and a quick ratio of 55.21. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 18.57 and a beta of 1.63. The business's fifty day moving average is $108.57 and its two-hundred day moving average is $150.65.
Innovative Industrial Properties Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 7.30%. The ex-dividend date of this dividend was Wednesday, June 29th. Innovative Industrial Properties's payout ratio is 137.80%.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on IIPR. JMP Securities dropped their price objective on shares of Innovative Industrial Properties from $190.00 to $150.00 and set a "market outperform" rating on the stock in a report on Tuesday, July 19th. Craig Hallum dropped their price objective on shares of Innovative Industrial Properties from $175.00 to $125.00 in a report on Monday, July 18th. Piper Sandler dropped their price objective on shares of Innovative Industrial Properties from $160.00 to $135.00 and set an "overweight" rating on the stock in a report on Monday. BTIG Research dropped 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 report on Friday, July 15th. Finally, TheStreet lowered shares of Innovative Industrial Properties from a "b-" rating to a "c+" rating in a report on Monday, July 25th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $151.60.