Innovative Industrial Properties (NYSE:IIPR) Shares Gap Up – Still a Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $66.34, but opened at $74.40. Innovative Industrial Properties shares last traded at $69.38, with a volume of 100,062 shares changing hands.

Analysts Set New Price Targets

IIPR has been the topic of several research analyst reports. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Trading Up 9.8 %

The company has a fifty day moving average of $83.78 and a two-hundred day moving average of $109.85. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 12.94 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter last year, the firm posted $2.29 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 10.44%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in IIPR. USA Financial Formulas bought a new position in Innovative Industrial Properties in the third quarter valued at about $25,000. Bogart Wealth LLC bought a new position in Innovative Industrial Properties during the fourth quarter worth about $27,000. Compass Financial Services Inc bought a new position in Innovative Industrial Properties during the fourth quarter worth about $32,000. Canton Hathaway LLC bought a new position in Innovative Industrial Properties during the third quarter worth about $55,000. Finally, Loomis Sayles & Co. L P boosted its holdings in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.