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

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) have been assigned an average recommendation of "Hold" from the nine analysts that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $83.00.

Several equities analysts have commented on the company. BTIG Research cut Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Roth Mkm dropped their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Piper Sandler decreased their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research note on Tuesday. Alliance Global Partners cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. Finally, Compass Point reissued a "sell" rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st.

Insiders Place Their Bets

In related news, Director David Stecher sold 7,599 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.50% of the company's stock.

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Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bogart Wealth LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $27,000. Compass Financial Services Inc bought a new stake in Innovative Industrial Properties during the fourth quarter worth about $32,000. GF Fund Management CO. LTD. bought a new position in Innovative Industrial Properties in the 4th quarter valued at about $34,000. Smartleaf Asset Management LLC raised its position in Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after purchasing an additional 417 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $50,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR traded up $0.08 on Friday, reaching $50.56. 11,574 shares of the company traded hands, compared to its average volume of 378,313. Innovative Industrial Properties has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The stock has a market capitalization of $1.43 billion, a PE ratio of 9.16 and a beta of 1.59. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The company's 50 day moving average is $65.08 and its 200-day moving average is $87.60.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 15.03%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's payout ratio is 137.43%.

Innovative Industrial Properties Company Profile

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.