Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Average Rating of "Hold" from Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) has earned an average recommendation of "Hold" from the eight research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $104.50.

A number of equities research analysts have recently commented on IIPR shares. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Compass Point lowered shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. Finally, Piper Sandler downgraded Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and decreased their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th.

Innovative Industrial Properties Stock Down 1.0 %

IIPR traded down $0.67 during midday trading on Wednesday, reaching $66.64. 560,591 shares of the company were exchanged, compared to its average volume of 225,796. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 11.86 and a beta of 1.30. Innovative Industrial Properties has a one year low of $64.80 and a one year high of $138.35. The company's fifty day moving average price is $104.18 and its 200 day moving average price is $115.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.29 EPS. As a group, analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.90 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.40%. Innovative Industrial Properties's payout ratio is currently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its holdings in shares of Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company's stock valued at $36,774,000 after buying an additional 10,615 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Innovative Industrial Properties during the second quarter worth approximately $253,000. Signaturefd LLC lifted its holdings in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock worth $55,000 after acquiring an additional 150 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Innovative Industrial Properties by 5.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 31,379 shares of the company's stock valued at $3,427,000 after purchasing an additional 1,648 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Innovative Industrial Properties by 7.6% during the 2nd quarter. Van ECK Associates Corp now owns 4,312 shares of the company's stock valued at $471,000 after purchasing an additional 306 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other 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.