Alliance Global Partners Initiates Coverage on Innovative Industrial Properties (NYSE:IIPR)

Research analysts at Alliance Global Partners initiated coverage on shares of Innovative Industrial Properties (NYSE:IIPR) in a note issued to investors on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $130.00 price target on the stock. Alliance Global Partners’ price target would indicate a potential upside of 32.57% from the company’s previous close.

Several other research firms have also commented on IIPR. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Friday, November 8th. Piper Sandler cut their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $128.25.

Innovative Industrial Properties Trading Down 3.2 %

IIPR opened at $98.06 on Tuesday. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 52 week low of $87.52 and a 52 week high of $138.35. The stock has a market cap of $2.78 billion, a PE ratio of 17.45 and a beta of 1.30. The business has a 50 day moving average of $116.88 and a 200-day moving average of $118.40.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data 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 return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same quarter last year, the company posted $2.29 EPS. Innovative Industrial Properties’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts predict that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors and hedge funds have recently modified their holdings of IIPR. Franklin Resources Inc. boosted its position in shares of Innovative Industrial Properties by 10.3% during the third quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock valued at $2,984,000 after buying an additional 2,105 shares during the last quarter. Virtu Financial LLC bought a new position in Innovative Industrial Properties during the 3rd quarter valued at about $339,000. TCW Group Inc. purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at about $2,572,000. Geode Capital Management LLC grew its stake in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after acquiring an additional 12,791 shares during the period. Finally, Vestcor Inc raised its holdings in shares of Innovative Industrial Properties by 2.8% during the third quarter. Vestcor Inc now owns 25,443 shares of the company’s stock valued at $3,425,000 after purchasing an additional 696 shares during the last quarter. Institutional investors 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.