Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week Low - Here's Why

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $48.89 and last traded at $48.95, with a volume of 336045 shares. The stock had previously closed at $52.12.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IIPR. Roth Mkm cut their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Alliance Global Partners downgraded Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Compass Point reiterated a "sell" rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Finally, Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $60.00 to $55.00 and set an "underweight" rating for the company in a research note on Monday, March 31st. Two analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and a consensus price target of $85.00.

Innovative Industrial Properties Stock Up 1.0 %

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 stock has a market cap of $1.39 billion, a P/E ratio of 8.90 and a beta of 1.59. The company's 50 day moving average price is $65.99 and its two-hundred day moving average price is $88.46.

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Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million for 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, research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 15.45%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is presently 137.43%.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company's stock, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in IIPR. JPMorgan Chase & Co. boosted its position in Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company's stock worth $31,928,000 after acquiring an additional 35,269 shares during the last quarter. Barclays PLC boosted its holdings in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after purchasing an additional 31,295 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Innovative Industrial Properties by 31.9% in the third 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 in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Innovative Industrial Properties by 1.6% in the fourth 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, Vanguard Group Inc. lifted its position in Innovative Industrial Properties by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock worth $294,798,000 after buying an additional 64,908 shares in the last quarter. Hedge funds and other 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.