Innovative Industrial Properties (NYSE:IIPR) Price Target Lowered to $60.00 at Compass Point

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) had its price objective dropped by research analysts at Compass Point from $78.00 to $60.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Compass Point's price objective indicates a potential downside of 5.42% from the company's current price.

IIPR has been the subject of a number of other reports. Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Roth Mkm dropped their price target on 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. JMP Securities reissued a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Finally, Piper Sandler decreased their price objective 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Innovative Industrial Properties has an average rating of "Hold" and a consensus target price of $88.00.

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Innovative Industrial Properties Price Performance

Shares of NYSE IIPR traded up $0.06 during mid-day trading on Tuesday, reaching $63.44. The company's stock had a trading volume of 1,322,645 shares, compared to its average volume of 244,026. The firm has a market capitalization of $1.80 billion, a PE ratio of 11.47 and a beta of 1.49. 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 stock has a fifty day moving average of $70.42 and a two-hundred day moving average of $97.28. Innovative Industrial Properties has a 52 week low of $61.72 and a 52 week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts' consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. As a group, sell-side analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the firm's stock in a transaction dated 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 directly owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is currently owned by company insiders.

Institutional Trading of Innovative Industrial Properties

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company's stock valued at $31,928,000 after buying an additional 35,269 shares in the last quarter. Barclays PLC raised its position in shares of Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock valued at $6,459,000 after purchasing an additional 31,295 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Innovative Industrial Properties by 31.9% in the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company's stock valued at $7,133,000 after purchasing an additional 12,791 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Innovative Industrial Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after purchasing an additional 7,179 shares during the last quarter. Finally, TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $2,572,000. 70.58% of the stock is currently owned by institutional investors.

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.