Innovative Industrial Properties (NYSE:IIPR) Earns Buy Rating from Analysts at Alliance Global Partners

Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties (NYSE:IIPR - Free Report) in a report issued on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $130.00 price objective on the stock.

A number of other brokerages have also commented on IIPR. Compass Point upgraded Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a research report on Friday, November 8th. Piper Sandler dropped their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a research report on Friday, November 8th. JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of "Moderate Buy" and an average target price of $128.25.

Innovative Industrial Properties Stock Down 0.8 %

Shares of IIPR stock traded down $0.83 during trading hours on Tuesday, reaching $101.27. 267,795 shares of the company's stock were exchanged, compared to its average volume of 202,925. Innovative Industrial Properties has a 1 year low of $87.52 and a 1 year high of $138.35. The stock has a market cap of $2.87 billion, a PE ratio of 18.00 and a beta of 1.30. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock's fifty day moving average price is $117.44 and its two-hundred day moving average price is $118.44.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to analysts' expectations 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.29 EPS. Research analysts predict that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend yield of 7.50%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties's payout ratio is 135.23%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. CWA Asset Management Group LLC acquired a new position in Innovative Industrial Properties in the 3rd quarter valued at $713,000. Versor Investments LP grew its holdings in Innovative Industrial Properties by 98.3% in the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company's stock valued at $1,646,000 after buying an additional 6,062 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company's stock valued at $61,563,000 after buying an additional 10,711 shares in the last quarter. TCW Group Inc. purchased a new stake in Innovative Industrial Properties in the 3rd quarter valued at $2,572,000. Finally, Kestra Investment Management LLC purchased a new stake in Innovative Industrial Properties in the 3rd quarter valued at $2,332,000. 70.58% of the stock is owned by institutional investors and hedge funds.

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.