Innovative Industrial Properties (NYSE:IIPR) Downgraded to Neutral Rating by Compass Point

Compass Point lowered shares of Innovative Industrial Properties (NYSE:IIPR - Free Report) from a buy rating to a neutral rating in a report issued on Friday morning, Marketbeat.com reports. The brokerage currently has $78.00 price target on the stock, down from their previous price target of $125.00.

A number of other equities analysts also recently weighed in on IIPR. Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties in a research note on Tuesday. They set a "buy" rating and a $130.00 price target on the stock. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Piper Sandler decreased their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a report on Friday, November 8th. Roth Capital upgraded shares of Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. Finally, JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $104.50.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR traded down $21.68 during trading on Friday, reaching $73.66. The company had a trading volume of 3,142,665 shares, compared to its average volume of 215,873. The stock has a market capitalization of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30. The stock has a 50-day moving average price of $115.55 and a two-hundred day moving average price of $118.10. Innovative Industrial Properties has a twelve month low of $70.88 and a twelve month high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly 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 firm had revenue of $76.53 million for the quarter, compared to analyst estimates 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 revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.29 earnings per share. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 10.32%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently bought and sold shares of IIPR. Franklin Resources Inc. boosted its stake in Innovative Industrial Properties by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company's stock valued at $2,984,000 after acquiring an additional 2,105 shares during the last quarter. Virtu Financial LLC acquired a new stake in Innovative Industrial Properties during the third quarter valued at approximately $339,000. TCW Group Inc. bought a new position in Innovative Industrial Properties during the 3rd quarter worth approximately $2,572,000. Geode Capital Management LLC increased its holdings in shares of Innovative Industrial Properties by 31.9% in the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company's stock valued at $7,133,000 after acquiring an additional 12,791 shares during the last quarter. Finally, Vestcor Inc lifted its stake in Innovative Industrial Properties by 2.8% during the third quarter. Vestcor Inc now owns 25,443 shares of the company's stock worth $3,425,000 after purchasing an additional 696 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.