Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week Low - What's Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $72.34 and last traded at $73.12, with a volume of 322651 shares. The stock had previously closed at $95.34.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IIPR. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday. Piper Sandler downgraded Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and cut their target price for the company from $118.00 to $70.00 in a research note on Friday. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Finally, Compass Point lowered Innovative Industrial Properties from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $125.00 to $78.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $104.50.

Innovative Industrial Properties Trading Down 22.7 %

The stock has a 50 day simple moving average of $114.40 and a 200-day simple moving average of $117.86. 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 firm has a market capitalization of $2.09 billion, a P/E ratio of 13.11 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced 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 analysts' expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm's quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.29 earnings per share. On average, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 10.32%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties's payout ratio is 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds have recently modified their holdings of the company. USA Financial Formulas bought a new stake in Innovative Industrial Properties during the 3rd quarter valued at approximately $25,000. Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P lifted its holdings in shares of Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock worth $57,000 after buying an additional 407 shares in the last quarter. US Bancorp DE boosted its position in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company's stock worth $59,000 after acquiring an additional 189 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company's stock valued at $48,000 after acquiring an additional 438 shares in the last quarter. 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.