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

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares gapped down prior to trading on Monday . The stock had previously closed at $69.62, but opened at $66.46. Innovative Industrial Properties shares last traded at $64.77, with a volume of 129,361 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on IIPR shares. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their target price for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Roth Mkm cut their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Finally, Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.00.

Innovative Industrial Properties Stock Down 7.2 %

The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm’s 50 day simple moving average is $70.56 and its two-hundred day simple moving average is $99.19. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 11.69 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share 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 business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 11.76%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after purchasing an additional 64,908 shares during the last quarter. Pacer Advisors Inc. bought a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $42,006,000. Wellington Management Group LLP grew its holdings in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after acquiring an additional 7,179 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after acquiring an additional 74,342 shares during the last quarter. 70.58% of the stock is owned by 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.