Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down After Analyst Downgrade

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) gapped down prior to trading on Monday after Compass Point lowered their price target on the stock from $78.00 to $60.00. The stock had previously closed at $69.62, but opened at $66.46. Compass Point currently has a neutral rating on the stock. Innovative Industrial Properties shares last traded at $64.77, with a volume of 129,361 shares trading hands.

Several other equities research analysts also recently issued reports on the company. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. BTIG Research cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. Roth Mkm reduced their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an "underweight" rating on the stock in a report on Monday. Finally, Alliance Global Partners downgraded Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $88.00.

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Insider Activity 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 shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock worth $294,798,000 after purchasing an additional 64,908 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Innovative Industrial Properties during the 4th quarter worth about $42,006,000. Wellington Management Group LLP grew its position in shares of Innovative Industrial Properties by 48.6% in the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. increased its stake 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 buying an additional 7,179 shares during the period. Finally, Northern Trust Corp raised its position in shares of Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company's stock worth $29,047,000 after acquiring an additional 74,342 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.47 and a beta of 1.49. The stock has a 50 day moving average of $70.41 and a 200 day moving average of $97.87. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts' consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. As a group, analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.98%. Innovative Industrial Properties's payout ratio is currently 137.43%.

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.