Innovative Industrial Properties (NYSE:IIPR) Sets New 52-Week Low – Here’s Why

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $48.89 and last traded at $48.95, with a volume of 336045 shares changing hands. The stock had previously closed at $52.12.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on IIPR. Roth Mkm lowered their price target 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. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. 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 shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, 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 report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus target price of $85.00.

Innovative Industrial Properties Stock Performance

The company has a market cap of $1.35 billion, a price-to-earnings ratio of 8.62 and a beta of 1.59. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The stock has a 50-day moving average price of $68.57 and a 200 day moving average price of $91.76.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 15.94%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Activity

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction 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 $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Innovative Industrial Properties

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $42,006,000. Norges Bank acquired a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $22,635,000. Wellington Management Group LLP boosted 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 purchasing an additional 185,855 shares during the period. Balyasny Asset Management L.P. acquired a new position in Innovative Industrial Properties in the 4th quarter valued at $9,615,000. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Innovative Industrial Properties by 2,683.2% during the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock worth $6,497,000 after buying an additional 93,991 shares in the last quarter. 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.