Innovative Industrial Properties (NYSE:IIPR) Hits New 52-Week Low - Should You Sell?

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on IIPR shares. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Piper Sandler dropped their price target on Innovative Industrial Properties from $70.00 to $60.00 and set an "underweight" rating on the stock in a research report on Monday, March 17th. Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research note on Tuesday, March 18th. Alliance Global Partners lowered shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Finally, BTIG Research cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of "Hold" and a consensus price target of $88.00.

Innovative Industrial Properties Stock Down 2.3 %

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 has a market cap of $1.83 billion, a PE ratio of 11.71 and a beta of 1.49. The company has a fifty day moving average price of $70.41 and a 200 day moving average price of $96.32.

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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 (EPS) for the quarter, meeting analysts' consensus estimates of $2.22. The company had revenue of $76.74 million during the quarter, compared to analysts' expectations 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, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.74%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IIPR. Bogart Wealth LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Compass Financial Services Inc bought a new position in Innovative Industrial Properties in the 4th quarter worth $32,000. GF Fund Management CO. LTD. purchased a new stake in shares of Innovative Industrial Properties in the 4th quarter worth about $34,000. Smartleaf Asset Management LLC boosted its stake 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 valued at $43,000 after purchasing an additional 417 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at about $50,000. 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.