Innovative Industrial Properties (NYSE:IIPR) Given New $118.00 Price Target at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) had its price objective reduced by research analysts at Piper Sandler from $120.00 to $118.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 10.93% from the stock's previous close.

Several other analysts have also recently issued reports on IIPR. Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, July 22nd. Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Finally, Compass Point raised Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a research note on Friday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $127.67.

Innovative Industrial Properties Trading Down 3.4 %

IIPR traded down $3.70 during midday trading on Friday, hitting $106.37. The company's stock had a trading volume of 651,569 shares, compared to its average volume of 199,657. Innovative Industrial Properties has a 52-week low of $73.04 and a 52-week high of $138.35. The firm has a 50-day moving average price of $130.09 and a two-hundred day moving average price of $118.28. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The firm has a market cap of $3.01 billion, a P/E ratio of 19.31 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.08 by ($0.64). The company had revenue of $79.79 million during the quarter, compared to analysts' expectations of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. Innovative Industrial Properties's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.26 earnings per share. On average, research analysts anticipate that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently bought and sold shares of IIPR. Focused Wealth Management Inc boosted its stake in Innovative Industrial Properties by 2.4% during the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company's stock valued at $432,000 after acquiring an additional 93 shares during the last quarter. Bristlecone Advisors LLC raised its stake in Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company's stock worth $1,696,000 after acquiring an additional 103 shares during the period. Cape Investment Advisory Inc. boosted its position in Innovative Industrial Properties by 11.6% during the 1st quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company's stock valued at $114,000 after purchasing an additional 114 shares during the period. Baader Bank Aktiengesellschaft grew its position in shares of Innovative Industrial Properties by 2.1% during the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company's stock worth $611,000 after acquiring an additional 116 shares during the last quarter. Finally, Hancock Whitney Corp boosted its stake in Innovative Industrial Properties by 2.4% during the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company's stock valued at $541,000 after purchasing an additional 124 shares during the period. 70.58% of the stock is currently owned by hedge funds and other 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.