Innovative Industrial Properties (NYSE:IIPR) Shares Gap Up – Still a Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $66.34, but opened at $74.40. Innovative Industrial Properties shares last traded at $69.38, with a volume of 100,062 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on IIPR shares. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Down 1.9 %

The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $82.42 and a 200-day simple moving average of $109.27. The stock has a market cap of $2.03 billion, a P/E ratio of 12.75 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter last year, the company earned $2.29 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. Analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.60%. Innovative Industrial Properties’s dividend payout ratio is 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Several large investors have recently added to or reduced their stakes in IIPR. USA Financial Formulas acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at about $25,000. Bogart Wealth LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $55,000. Loomis Sayles & Co. L P raised its holdings in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares in the last quarter. Finally, US Bancorp DE raised its holdings in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.