Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $104.50 Consensus Price Target from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received a consensus recommendation of “Hold” from the eight ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $104.50.

A number of research firms recently weighed in on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $118.00 to $70.00 in a research report on Friday, December 20th.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $66.36 on Wednesday. Innovative Industrial Properties has a 52 week low of $64.80 and a 52 week high of $138.35. The stock’s fifty day moving average is $98.92 and its two-hundred day moving average is $114.68. The company has a market capitalization of $1.88 billion, a P/E ratio of 11.81 and a beta of 1.39. 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 (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 analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.29 earnings per share. Equities analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.45%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the stock. CWA Asset Management Group LLC grew its stake in shares of Innovative Industrial Properties by 25.7% during the fourth quarter. CWA Asset Management Group LLC now owns 6,661 shares of the company’s stock worth $444,000 after purchasing an additional 1,363 shares in the last quarter. JPMorgan Chase & Co. boosted its position 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 in the last quarter. Franklin Resources Inc. increased its holdings in shares of Innovative Industrial Properties by 10.3% in the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock valued at $2,984,000 after acquiring an additional 2,105 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth about $339,000. Finally, TCW Group Inc. purchased a new stake in Innovative Industrial Properties during the third quarter worth approximately $2,572,000. 70.58% of the stock is owned by institutional investors and hedge funds.

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.