Innovative Industrial Properties (NYSE:IIPR) Upgraded at Alliance Global Partners

Innovative Industrial Properties (NYSE:IIPR) was upgraded by equities research analysts at Alliance Global Partners from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage currently has a $64.00 price target on the stock. Alliance Global Partners‘s target price points to a potential upside of 15.24% from the company’s current price.

Several other brokerages also recently weighed in on IIPR. Piper Sandler upped their target price on Innovative Industrial Properties from $44.00 to $46.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 4th. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Stifel Nicolaus began coverage on Innovative Industrial Properties in a report on Wednesday, October 14th. They set a “buy” rating and a $56.25 target price on the stock. Finally, Huntington initiated coverage on Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.25.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $55.53 on Monday. The firm’s fifty day simple moving average is $54.24 and its 200 day simple moving average is $55.18. The company has a current ratio of 10.66, a quick ratio of 24.51 and a debt-to-equity ratio of 0.41. Innovative Industrial Properties has a twelve month low of $44.58 and a twelve month high of $65.38. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 12.54 and a beta of 1.33.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, November 2nd. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.09. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 53.20%. The firm had revenue of $64.92 million during the quarter, compared to the consensus estimate of $61.03 million. As a group, equities research analysts expect that Innovative Industrial Properties will post 6.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Alan Gold purchased 40,000 shares of the company’s stock in a transaction that occurred on Thursday, October 8th. The shares were purchased at an average price of $25.00 per share, with a total value of $1,000,000.00. Following the purchase, the chairman directly owned 40,000 shares of the company’s stock, valued at approximately $1,000,000. This represents a ? increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Shoemaker sold 611 shares of the business’s 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 completion of the transaction, the director owned 2,000 shares in the company, valued at $112,720. This represents a 23.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Innovative Industrial Properties in the second quarter worth about $3,512,000. Public Employees Retirement System of Ohio bought a new stake in Innovative Industrial Properties in the second quarter valued at about $2,025,000. Bank of America Corp DE bought a new stake in Innovative Industrial Properties in the second quarter valued at about $1,384,000. Deutsche Bank AG acquired a new stake in Innovative Industrial Properties during the second quarter valued at approximately $2,429,000. Finally, BlackRock Inc. acquired a new stake in Innovative Industrial Properties during the second quarter valued at approximately $309,746,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE: IIPR) is a real estate investment trust focused on properties used by the regulated cannabis industry. The company acquires and owns specialized facilities, such as cultivation and processing sites, and leases them to state-licensed cannabis operators.

IIPR commonly uses sale-leaseback transactions, in which an operator sells a property to the company and then leases it back. Its leases are generally structured so tenants are responsible for property expenses, including taxes, insurance and maintenance.

Founded in 2016, IIPR was an early publicly traded REIT dedicated to the cannabis sector.