Piper Sandler Has Lowered Expectations for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR - Free Report) had its price objective reduced by Piper Sandler from $70.00 to $60.00 in a research note released on Monday morning, MarketBeat reports. Piper Sandler currently has an underweight rating on the stock.

Several other analysts have also commented on the company. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Compass Point downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Roth Mkm cut their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Alliance Global Partners cut shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Finally, BTIG Research lowered shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned 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 $88.00.

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Innovative Industrial Properties Stock Up 0.1 %

IIPR stock traded up $0.06 during trading on Monday, reaching $63.44. 1,322,645 shares of the company traded hands, compared to its average volume of 245,099. The business has a 50 day simple moving average of $70.41 and a 200 day simple moving average of $97.87. Innovative Industrial Properties has a 12 month low of $61.85 and a 12 month high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.47 and a beta of 1.49.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 11.98%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Several institutional investors have recently made changes to their positions in IIPR. Vanguard Group Inc. raised its position 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 acquiring an additional 64,908 shares during the period. Pacer Advisors Inc. purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $42,006,000. Wellington Management Group LLP lifted its stake in Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock valued at $76,490,000 after buying an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after acquiring an additional 7,179 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Innovative Industrial Properties by 20.6% in the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company's stock worth $29,047,000 after acquiring an additional 74,342 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

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.