JMP Securities restated their market perform rating on shares of Innovative Industrial Properties (NYSE:IIPR - Free Report) in a report released on Monday morning,Benzinga reports.
Several other research analysts have also weighed in on IIPR. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Piper Sandler lowered their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a research note on Friday, November 8th. Roth Capital raised shares of Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Compass Point raised shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 target price for the company in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $127.67.
Get Our Latest Stock Report on IIPR
Innovative Industrial Properties Stock Down 2.4 %
Shares of NYSE IIPR traded down $2.55 during mid-day trading on Monday, reaching $102.17. The company had a trading volume of 222,214 shares, compared to its average volume of 202,654. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 18.18 and a beta of 1.30. The stock has a fifty day moving average of $117.44 and a two-hundred day moving average of $118.44. Innovative Industrial Properties has a 12-month low of $87.52 and a 12-month high of $138.35.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results 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 analyst estimates of $77.30 million. During the same period last year, the business earned $2.29 EPS. The company's quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities research analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.
Innovative Industrial Properties Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 7.44%. Innovative Industrial Properties's payout ratio is currently 135.23%.
Hedge Funds Weigh In On Innovative Industrial Properties
A number of institutional investors have recently modified their holdings of IIPR. Wellington Management Group LLP lifted its position in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock worth $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company's stock worth $61,563,000 after buying an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Innovative Industrial Properties by 3.3% in the second 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 during the period. Dimensional Fund Advisors LP increased its position in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company's stock worth $35,862,000 after acquiring an additional 45,779 shares during the period. Finally, LSV Asset Management increased its position in Innovative Industrial Properties by 21.0% during the second quarter. LSV Asset Management now owns 122,646 shares of the company's stock worth $13,395,000 after acquiring an additional 21,273 shares during the period. Institutional investors own 70.58% of the company's stock.
About Innovative Industrial Properties
(
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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