Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Recommendation of "Moderate Buy" by Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) has received an average rating of "Moderate Buy" from the five research firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $127.67.

A number of brokerages recently issued reports on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a "strong-buy" rating in a report on Monday. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Compass Point raised Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a research note on Friday. Roth Mkm boosted their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a research report on Monday, July 22nd. Finally, Piper Sandler cut their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a research note on Friday.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock traded down $3.78 during trading on Tuesday, hitting $103.96. The stock had a trading volume of 467,646 shares, compared to its average volume of 201,725. Innovative Industrial Properties has a 1 year low of $73.04 and a 1 year high of $138.35. The stock's 50 day moving average is $129.41 and its two-hundred day moving average is $118.70. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 19.18 and a beta of 1.37. The company has a quick ratio of 18.06, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analysts' expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.29 EPS. As a group, analysts predict that Innovative Industrial Properties will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 7.31%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio is presently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tidal Investments LLC lifted its stake in shares of Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company's stock worth $24,532,000 after acquiring an additional 221,791 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company's stock worth $35,862,000 after buying an additional 45,779 shares during the period. Jupiter Asset Management Ltd. raised its position in Innovative Industrial Properties by 279.1% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company's stock valued at $5,171,000 after purchasing an additional 34,854 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Innovative Industrial Properties by 253.7% in the 1st quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company's stock valued at $4,560,000 after buying an additional 31,587 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company's stock worth $456,705,000 after purchasing an additional 28,111 shares during the period. Institutional investors and hedge funds own 70.58% of the company's stock.

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.