Piper Sandler Lowers Innovative Industrial Properties (NYSE:IIPR) Price Target to $55.00

Innovative Industrial Properties (NYSE:IIPR - Free Report) had its price objective reduced by Piper Sandler from $60.00 to $55.00 in a research note issued to investors on Monday,Benzinga reports. Piper Sandler currently has an underweight rating on the stock.

Several other research firms have also weighed in on IIPR. Compass Point restated a "sell" rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday. 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 cut their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 21st. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Industrial Alliance Securities set a $60.00 price target on shares of Innovative Industrial Properties in a research note on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of "Hold" and a consensus target price of $85.00.

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Innovative Industrial Properties Stock Up 1.5 %

Shares of IIPR traded up $0.83 during mid-day trading on Monday, reaching $56.67. The company's stock had a trading volume of 376,937 shares, compared to its average volume of 255,881. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 10.25 and a beta of 1.49. Innovative Industrial Properties has a 1 year low of $49.51 and a 1 year high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The business 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 announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. As a group, analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced 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. This represents a $7.60 dividend on an annualized basis and a yield of 13.41%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is presently 137.43%.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. lifted its stake in Innovative Industrial Properties by 5.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock valued at $196,000 after acquiring an additional 160 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in Innovative Industrial Properties by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock valued at $288,000 after purchasing an additional 164 shares during the last quarter. Roberts Glore & Co. Inc. IL raised its stake in shares of Innovative Industrial Properties by 4.6% during the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock worth $261,000 after purchasing an additional 172 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in Innovative Industrial Properties by 2.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock worth $636,000 after buying an additional 192 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its position in Innovative Industrial Properties by 4.3% during the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock worth $312,000 after acquiring an additional 193 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

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.