Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Target Price at $104.50

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $102.00.

IIPR has been the subject of a number of analyst reports. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Finally, Roth Mkm decreased their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after purchasing an additional 35,269 shares during the last quarter. Barclays PLC grew its holdings in Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after acquiring an additional 31,295 shares during the last quarter. Geode Capital Management LLC increased its position in Innovative Industrial Properties by 31.9% in the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after acquiring an additional 12,791 shares in the last quarter. CWA Asset Management Group LLC bought a new position in shares of Innovative Industrial Properties in the third quarter worth about $713,000. Finally, Versor Investments LP lifted its position in shares of Innovative Industrial Properties by 98.3% during the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after purchasing an additional 6,062 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Down 1.4 %

Shares of IIPR stock opened at $72.77 on Thursday. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties has a 1 year low of $62.45 and a 1 year high of $138.35. The firm’s fifty day simple moving average is $70.54 and its 200 day simple moving average is $103.45. The firm has a market capitalization of $2.06 billion, a P/E ratio of 13.16 and a beta of 1.40.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. As a group, sell-side analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.44%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

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.