Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $64.75 and last traded at $65.29, with a volume of 183892 shares traded. The stock had previously closed at $66.40.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on IIPR. Roth Capital upgraded shares of 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 research note on Monday, December 16th. Compass Point cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Finally, 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. One 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 stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $104.50.
Get Our Latest Analysis on IIPR
Innovative Industrial Properties Price Performance
The company has a market capitalization of $1.85 billion, a P/E ratio of 11.62 and a beta of 1.39. The business's 50-day moving average is $98.92 and its two-hundred day moving average is $114.68. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released 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 business had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.29 earnings per share. As a group, analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share 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 issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 11.64%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is 135.23%.
Institutional Investors Weigh In On Innovative Industrial Properties
Several large investors have recently added to or reduced their stakes in IIPR. USA Financial Formulas purchased a new stake in shares of Innovative Industrial Properties during the third quarter worth $25,000. Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at $55,000. Loomis Sayles & Co. L P lifted its holdings in Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock worth $57,000 after purchasing an additional 407 shares in the last quarter. Federated Hermes Inc. boosted its stake in Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company's stock worth $59,000 after purchasing an additional 312 shares during the period. Finally, US Bancorp DE grew its holdings in Innovative Industrial Properties by 75.3% during 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 in the last quarter. 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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