Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Recommendation of “Hold” by Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received a consensus recommendation of “Hold” from the eight research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $104.50.

IIPR has been the topic of a number of analyst reports. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Finally, Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $118.00 to $70.00 in a report on Friday, December 20th.

Institutional Trading of Innovative Industrial Properties

Several large investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in shares of 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 purchasing an additional 185,855 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Innovative Industrial Properties by 1,054.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after buying an additional 56,689 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after acquiring an additional 45,779 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after acquiring an additional 35,269 shares during the period. Finally, Jupiter Asset Management Ltd. grew its holdings in shares of Innovative Industrial Properties by 279.1% in the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after purchasing an additional 34,854 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Down 1.6 %

NYSE IIPR opened at $66.36 on Wednesday. Innovative Industrial Properties has a 1 year low of $64.80 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The company has a market capitalization of $1.88 billion, a PE ratio of 11.81 and a beta of 1.39. The company has a fifty day moving average of $98.92 and a 200 day moving average of $114.68.

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

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.45%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

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.