Innovative Industrial Properties (NYSE:IIPR) Sets New 1-Year Low - What's Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $68.43 and last traded at $68.57, with a volume of 155232 shares changing hands. The stock had previously closed at $70.71.

Analyst Ratings Changes

A number of analysts have weighed in on IIPR shares. Roth Capital raised shares of Innovative Industrial Properties to a "strong-buy" rating in a report on Monday, November 11th. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Piper Sandler lowered Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and lowered their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Alliance Global Partners downgraded Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $104.50.

Innovative Industrial Properties Stock Performance

The stock has a fifty day moving average price of $109.36 and a 200-day moving average price of $116.81. 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 $1.93 billion, a price-to-earnings ratio of 12.12 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period in the previous year, the business posted $2.29 earnings per share. The firm's revenue was down 1.7% compared to the same quarter last year. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.16%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its stake in shares of Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock valued at $76,490,000 after buying an additional 185,855 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Innovative Industrial Properties by 1,054.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company's stock valued at $8,354,000 after purchasing an additional 56,689 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company's stock worth $35,862,000 after purchasing an additional 45,779 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company's stock worth $31,928,000 after buying an additional 35,269 shares in the last quarter. Finally, Jupiter Asset Management Ltd. increased its stake in shares of Innovative Industrial Properties by 279.1% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company's stock valued at $5,171,000 after buying an additional 34,854 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

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.