Innovative Industrial Properties (NYSE:IIPR) Reaches New 1-Year Low - Time to Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $62.45 and last traded at $64.96, with a volume of 282518 shares changing hands. The stock had previously closed at $63.43.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. JMP Securities restated 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 target price for the company from $125.00 to $78.00 in a report on Friday, December 20th. Finally, Piper Sandler cut Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and decreased their target price for the company from $118.00 to $70.00 in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $104.50.

Innovative Industrial Properties Stock Performance

The firm has a market capitalization of $1.89 billion, a P/E ratio of 11.87 and a beta of 1.39. The company has a 50-day moving average of $91.27 and a 200-day moving average of $112.79. 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 issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter last year, the firm posted $2.29 EPS. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 11.39%. The ex-dividend date of this dividend was 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 modified their holdings of IIPR. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties during the third quarter valued at about $25,000. Canton Hathaway LLC bought a new position in shares of Innovative Industrial Properties in the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P lifted its holdings in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock worth $57,000 after acquiring an additional 407 shares during the period. Federated Hermes Inc. boosted its position in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company's stock worth $59,000 after purchasing an additional 312 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company's stock valued at $59,000 after purchasing an additional 189 shares during the last quarter. Institutional investors own 70.58% of the company's stock.

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.