Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) have been assigned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $166.67.

IIPR has been the subject of a number of research analyst reports. StockNews.com upgraded Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Friday, November 11th. Piper Sandler dropped their price target on Innovative Industrial Properties from $135.00 to $117.00 and set an “overweight” rating for the company in a research report on Friday, October 7th. Craig Hallum lifted their price target on Innovative Industrial Properties to $140.00 in a research report on Wednesday, November 16th. Roth Capital dropped their price target on Innovative Industrial Properties from $190.00 to $170.00 in a research report on Wednesday, November 9th. Finally, Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and raised their price objective for the company from $100.00 to $175.00 in a report on Monday, September 19th.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of large investors have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky purchased a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $665,000. Sunbelt Securities Inc. increased its stake in shares of Innovative Industrial Properties by 76.1% during the third quarter. Sunbelt Securities Inc. now owns 9,993 shares of the company’s stock valued at $884,000 after buying an additional 4,317 shares during the period. California State Teachers Retirement System increased its stake in shares of Innovative Industrial Properties by 3.5% during the third quarter. California State Teachers Retirement System now owns 35,036 shares of the company’s stock valued at $3,101,000 after buying an additional 1,199 shares during the period. Montchanin Asset Management LLC increased its stake in shares of Innovative Industrial Properties by 3.6% during the third quarter. Montchanin Asset Management LLC now owns 6,355 shares of the company’s stock valued at $562,000 after buying an additional 220 shares during the period. Finally, Liberty One Investment Management LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter valued at approximately $119,000. 76.07% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Up 4.7 %

Shares of NYSE IIPR opened at $117.38 on Wednesday. Innovative Industrial Properties has a 52 week low of $87.47 and a 52 week high of $270.86. The business has a 50-day simple moving average of $100.07 and a two-hundred day simple moving average of $106.16. The company has a quick ratio of 24.10, a current ratio of 24.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $3.28 billion, a P/E ratio of 22.57 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last issued its earnings results on Wednesday, November 2nd. The company reported $1.32 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.60). Innovative Industrial Properties had a return on equity of 7.92% and a net margin of 53.43%. The company had revenue of $70.88 million during the quarter, compared to the consensus estimate of $68.60 million. Research analysts anticipate that Innovative Industrial Properties will post 7.71 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 6.13%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.75. The ex-dividend date was Thursday, September 29th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 138.46%.

About Innovative Industrial Properties

(Get Rating)

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 medical-use 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.

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Analyst Recommendations for Innovative Industrial Properties (NYSE:IIPR)

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