Innovative Industrial Properties (NYSE:IIPR) Hits New 12-Month Low - Should You Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s stock price reached a new 52-week low on Friday . The stock traded as low as $61.72 and last traded at $63.42, with a volume of 126893 shares traded. The stock had previously closed at $63.38.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on IIPR. Industrial Alliance Securities set a $60.00 target price on shares of Innovative Industrial Properties in a research note on Tuesday, March 18th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Roth Mkm decreased their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Compass Point dropped their price objective on Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 18th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $88.00.

Innovative Industrial Properties Stock Down 1.9 %

The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The company's 50 day moving average price is $70.44 and its 200 day moving average price is $96.71. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 11.76 and a beta of 1.49.

Remove Ads

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts' consensus estimates of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. As a group, research analysts forecast that Innovative Industrial Properties, Inc. 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 will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.68%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties 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 owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

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