Piper Sandler Cuts Innovative Industrial Properties (NYSE:IIPR) Price Target to $55.00

Innovative Industrial Properties (NYSE:IIPR) had its target price decreased by Piper Sandler from $60.00 to $55.00 in a report published on Monday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the stock.

Several other research firms have also issued reports on IIPR. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Compass Point reaffirmed a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday. Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research note on Tuesday, March 18th. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average target price of $85.00.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $56.67 on Monday. The firm has a market capitalization of $1.61 billion, a P/E ratio of 10.25 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock’s 50-day simple moving average is $69.50 and its two-hundred day simple moving average is $93.77. Innovative Industrial Properties has a twelve month low of $49.51 and a twelve month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, equities analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.41%. Innovative Industrial Properties’s payout ratio is currently 137.43%.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

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

Innovative Industrial Properties Company Profile

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.