Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down – Time to Sell?

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) gapped down prior to trading on Thursday . The stock had previously closed at $123.00, but opened at $113.20. Innovative Industrial Properties shares last traded at $111.14, with a volume of 165,231 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently commented on IIPR. Piper Sandler raised their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Roth Mkm raised their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd.

Innovative Industrial Properties Stock Performance

The firm has a fifty day moving average of $130.37 and a 200-day moving average of $118.34. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 19.61 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. During the same quarter in the prior year, the firm earned $2.26 earnings per share. Innovative Industrial Properties’s quarterly revenue was up 4.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.00%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

Institutional Trading of Innovative Industrial Properties

Several institutional investors and hedge funds have recently made changes to their positions in IIPR. Vanguard Group Inc. boosted its position in Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after acquiring an additional 28,111 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Innovative Industrial Properties by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the period. Tidal Investments LLC grew its position in shares of Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after purchasing an additional 221,791 shares during the period. Finally, LSV Asset Management increased its stake in Innovative Industrial Properties by 21.0% in the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock valued at $13,395,000 after purchasing an additional 21,273 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.