Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned an average rating of “Moderate Buy” from the five ratings firms that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $127.67.

A number of equities analysts recently commented on the company. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Friday, November 8th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler reduced their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Finally, Roth Mkm lifted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Innovative Industrial Properties by 0.6% in the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares during the period. Wellington Management Group LLP grew its stake in shares of Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after buying an additional 10,711 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after buying an additional 10,615 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $104.76 on Tuesday. 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 business’s 50 day moving average price is $127.93 and its 200-day moving average price is $118.75. The firm has a market capitalization of $2.97 billion, a PE ratio of 18.64 and a beta of 1.37. Innovative Industrial Properties has a 1 year low of $77.88 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter in the previous year, the business posted $2.29 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 7.25%. Innovative Industrial Properties’s dividend payout ratio is currently 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.