Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $73.66, but opened at $71.71. Innovative Industrial Properties shares last traded at $72.44, with a volume of 315,694 shares trading hands.
Analysts Set New Price Targets
IIPR has been the topic of several recent research reports. Compass Point cut Innovative Industrial Properties from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $125.00 to $78.00 in a report on Friday. Piper Sandler lowered Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and lowered their price objective for the stock 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 report on Monday, November 11th. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Alliance Global Partners began coverage on shares of Innovative Industrial Properties in a report on Tuesday, December 17th. They issued a "buy" rating and a $130.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $104.50.
View Our Latest Report on Innovative Industrial Properties
Innovative Industrial Properties Price Performance
The stock has a 50-day simple moving average of $114.40 and a 200 day simple moving average of $117.98. The company has a market cap of $2.00 billion, a PE ratio of 12.54 and a beta of 1.30. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.
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 the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during 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 quarter last year, the firm posted $2.29 earnings per share. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.
Innovative Industrial Properties Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.79%. Innovative Industrial Properties's dividend payout ratio is currently 135.23%.
Institutional Trading of Innovative Industrial Properties
Institutional investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System grew its stake in shares of Innovative Industrial Properties by 2.9% in the second quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the company's stock valued at $1,562,000 after buying an additional 400 shares in the last quarter. Bank of New York Mellon Corp grew its position in Innovative Industrial Properties by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company's stock valued at $36,774,000 after acquiring an additional 10,615 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Innovative Industrial Properties during the second quarter worth about $253,000. TrueMark Investments LLC purchased a new stake in Innovative Industrial Properties during the second quarter worth about $280,000. Finally, Signaturefd LLC lifted its position in shares of Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company's stock worth $55,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.
Innovative Industrial Properties Company Profile
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Get Free Report)
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.
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