Innovative Industrial Properties (NYSE:IIPR) Sets New 52-Week Low Following Analyst Downgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s share price reached a new 52-week low on Monday after Piper Sandler lowered their price target on the stock from $60.00 to $55.00. Piper Sandler currently has an underweight rating on the stock. Innovative Industrial Properties traded as low as $49.51 and last traded at $53.51, with a volume of 266713 shares trading hands. The stock had previously closed at $61.85.

Several other research firms also recently issued reports on IIPR. Compass Point reiterated a "sell" rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday. Roth Mkm cut their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. Industrial Alliance Securities set a $60.00 price target on Innovative Industrial Properties in a report on Tuesday, March 18th. Finally, Alliance Global Partners lowered shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $85.00.

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Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The stock was 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 $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in 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 purchasing an additional 35,269 shares during the last quarter. Barclays PLC raised its holdings in Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company's stock valued at $6,459,000 after buying an additional 31,295 shares during the period. Geode Capital Management LLC increased 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 worth $7,133,000 after acquiring an additional 12,791 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after acquiring an additional 7,179 shares in the last quarter. Finally, TCW Group Inc. purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth $2,572,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Up 1.5 %

The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 10.25 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The firm has a fifty day moving average of $69.50 and a 200-day moving average of $93.77.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts' consensus estimates of $2.22. The business had revenue of $76.74 million during the quarter, compared to the consensus estimate 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, equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.41%. Innovative Industrial Properties's payout ratio is currently 137.43%.

About Innovative Industrial Properties

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.