Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) shares hit a new 52-week low on Tuesday . The company traded as low as $62.45 and last traded at $64.96, with a volume of 282518 shares trading hands. The stock had previously closed at $63.43.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on IIPR. BTIG Research lowered Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Piper Sandler downgraded shares of Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and reduced their price target for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $104.50.
Read Our Latest Stock Report on Innovative Industrial Properties
Innovative Industrial Properties Stock Up 2.1 %
The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The business's fifty day moving average is $93.73 and its two-hundred day moving average is $113.42. The company has a market cap of $1.88 billion, a P/E ratio of 11.81 and a beta of 1.39.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.29 EPS. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.
Innovative Industrial Properties Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $1.90 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.45%. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 135.23%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IIPR. USA Financial Formulas purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $25,000. Canton Hathaway LLC acquired a new position in Innovative Industrial Properties during the third quarter worth $55,000. Loomis Sayles & Co. L P boosted its position in shares of 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 buying an additional 407 shares during the period. Federated Hermes Inc. grew its stake in shares of Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company's stock valued at $59,000 after buying an additional 312 shares in the last quarter. Finally, US Bancorp DE raised its holdings in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company's stock valued at $59,000 after buying an additional 189 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.
About Innovative Industrial Properties
(
Get Free Report)
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.
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