Innovative Industrial Properties (NYSE:IIPR) Given New $45.00 Price Target at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) had its target price decreased by stock analysts at Piper Sandler from $55.00 to $45.00 in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has an "underweight" rating on the stock. Piper Sandler's target price would indicate a potential downside of 12.62% from the stock's previous close.

Other research analysts also recently issued reports about the stock. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Industrial Alliance Securities restated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Alliance Global Partners cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. Compass Point restated a "sell" rating and issued a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Finally, Roth Mkm cut their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $83.00.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock traded up $0.54 during trading hours on Tuesday, reaching $51.50. The company had a trading volume of 194,685 shares, compared to its average volume of 270,653. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties has a one year low of $45.44 and a one year high of $138.35. The firm has a market cap of $1.46 billion, a PE ratio of 9.31 and a beta of 1.59. The business has a fifty day simple moving average of $63.72 and a 200 day simple moving average of $85.90.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analysts' expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds have recently modified their holdings of the company. 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. purchased a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $42,006,000. Charles Schwab Investment Management Inc. grew its position in shares of Innovative Industrial Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock worth $30,958,000 after buying an additional 7,179 shares during the last quarter. Northern Trust Corp raised its holdings 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 valued at $29,047,000 after acquiring an additional 74,342 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock worth $25,233,000 after acquiring an additional 77,552 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.

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.