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

Innovative Industrial Properties (NYSE:IIPR) was upgraded by equities research analysts at Alliance Global Partners from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, FinViz reports. The brokerage presently has a $64.00 target price on the stock. Alliance Global Partners‘s target price indicates a potential upside of 16.94% from the company’s previous close.

A number of other research firms have also recently issued reports on IIPR. Huntington assumed coverage on shares of Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price objective for the company. Piper Sandler increased their price objective on shares of Innovative Industrial Properties from $44.00 to $46.00 and gave the company an “underweight” rating in a research note on Wednesday, November 4th. Stifel Nicolaus assumed coverage on shares of Innovative Industrial Properties in a research report on Wednesday, October 14th. They issued a “buy” rating and a $56.25 target price on the stock. Finally, Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.25.

Innovative Industrial Properties Stock Down 0.2%

Shares of NYSE IIPR opened at $54.73 on Monday. The company has a current ratio of 10.66, a quick ratio of 10.66 and a debt-to-equity ratio of 0.41. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 12.35 and a beta of 1.33. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $65.38. The stock has a 50-day moving average price of $54.26 and a two-hundred day moving average price of $55.16.

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

Insider Activity

In other Innovative Industrial Properties news, Director Bruce Ives purchased 528 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were bought at an average price of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the acquisition, the director owned 3,180 shares in the company, valued at approximately $180,306. This trade represents a 19.91% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Alan Gold purchased 40,000 shares of the business’s stock in a transaction dated Thursday, October 8th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $1,000,000.00. Following the acquisition, the chairman owned 40,000 shares of the company’s stock, valued at $1,000,000. This trade represents a ? increase in their position. The SEC filing for this purchase provides additional information. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter valued at about $309,746,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Innovative Industrial Properties by 3,423.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock valued at $27,066,000 after buying an additional 524,284 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Innovative Industrial Properties during the second quarter worth about $12,793,000. Legal & General Group Plc bought a new position in shares of Innovative Industrial Properties during the second quarter worth about $10,438,000. Finally, Compass Financial Management LLC bought a new position in shares of Innovative Industrial Properties during the second quarter worth about $4,475,000. 70.58% of the stock is owned by institutional investors and hedge funds.

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.