Innovative Industrial Properties, Inc. (IIPR) – What Are Investment Firms Thinking About This Stock?

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have been assigned an average rating of “Hold” from the six brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $51.31.

Several research firms recently commented on IIPR. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating on the stock in a report on Monday, October 12th. Stifel Nicolaus started coverage on Innovative Industrial Properties in a report on Wednesday, October 14th. They set a “buy” rating and a $56.25 target price for the company. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Huntington initiated coverage on shares of Innovative Industrial Properties in a report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price objective for the company.

Innovative Industrial Properties Stock Up 2.2%

IIPR opened at $52.73 on Wednesday. The company has a 50 day moving average of $54.92 and a 200 day moving average of $56.96. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $65.38. The company has a market cap of $1.45 billion, a PE ratio of 11.96 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The firm had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. On average, sell-side analysts expect that Innovative Industrial Properties will post 7.02 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.4%. The ex-dividend date was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is 172.34%.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director Scott Shoemaker sold 611 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total transaction of $34,435.96. Following the sale, the director directly owned 2,000 shares in the company, valued at approximately $112,720. This trade represents a 23.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Alan D. Gold bought 40,000 shares of the firm’s stock in a transaction on Thursday, October 8th. The stock was acquired at an average cost of $25.00 per share, with a total value of $1,000,000.00. Following the transaction, the chairman owned 40,000 shares in the company, valued at $1,000,000. The trade was a ? increase in their position. The SEC filing for this purchase provides additional information. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of large investors have recently made changes to their positions in IIPR. PNC Financial Services Group Inc. boosted its holdings in Innovative Industrial Properties by 6.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company’s stock valued at $159,000 after acquiring an additional 182 shares during the period. Focus Financial Network Inc. lifted its holdings in shares of Innovative Industrial Properties by 4.6% in the 3rd quarter. Focus Financial Network Inc. now owns 4,602 shares of the company’s stock worth $242,000 after buying an additional 204 shares during the period. PFG Investments LLC grew its position in shares of Innovative Industrial Properties by 3.3% during the 1st quarter. PFG Investments LLC now owns 7,300 shares of the company’s stock worth $366,000 after buying an additional 231 shares in the last quarter. Centaurus Financial Inc. increased its position in Innovative Industrial Properties by 1.9% during the 1st quarter. Centaurus Financial Inc. now owns 14,119 shares of the company’s stock valued at $708,000 after purchasing an additional 259 shares during the period. Finally, Sigma Planning Corp raised its holdings in shares of Innovative Industrial Properties by 3.4% in the 2nd quarter. Sigma Planning Corp now owns 10,232 shares of the company’s stock valued at $634,000 after purchasing an additional 340 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.