Innovative Industrial Properties (NYSE:IIPR) Price Target Lowered to $179.00 at BTIG Research

Innovative Industrial Properties (NYSE:IIPR – Get Rating) had its target price decreased by BTIG Research from $196.00 to $179.00 in a report released on Tuesday morning, The Fly reports. BTIG Research currently has a buy rating on the stock.

Several other research firms also recently commented on IIPR. Craig Hallum raised their price objective on Innovative Industrial Properties to $140.00 in a research note on Wednesday, November 16th. Roth Capital decreased their target price on Innovative Industrial Properties from $190.00 to $170.00 in a research note on Wednesday, November 9th. Piper Sandler decreased their target price on Innovative Industrial Properties from $135.00 to $117.00 and set an overweight rating on the stock in a research note on Friday, October 7th. TheStreet raised Innovative Industrial Properties from a c+ rating to a b- rating in a research note on Friday, December 9th. Finally, StockNews.com raised Innovative Industrial Properties from a sell rating to a hold rating in a research note on Friday, November 11th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Innovative Industrial Properties currently has a consensus rating of Moderate Buy and an average price target of $155.17.

Innovative Industrial Properties Stock Down 2.9 %

NYSE IIPR opened at $85.78 on Tuesday. The stock’s 50-day moving average price is $108.27 and its 200-day moving average price is $101.25. The company has a quick ratio of 24.10, a current ratio of 24.10 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 52 week low of $85.30 and a 52 week high of $211.17. The company has a market capitalization of $2.40 billion, a P/E ratio of 16.50 and a beta of 1.63.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last posted its quarterly earnings data 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. On average, equities research analysts predict that Innovative Industrial Properties will post 7.71 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 8.39%. The ex-dividend date of this dividend was Thursday, December 29th. Innovative Industrial Properties’s dividend payout ratio is presently 138.46%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently added to or reduced their stakes in the company. Heritage Wealth Management LLC purchased a new position in shares of Innovative Industrial Properties in the 2nd quarter worth approximately $25,000. Geneos Wealth Management Inc. boosted its holdings in shares of Innovative Industrial Properties by 159.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 270 shares of the company’s stock worth $30,000 after purchasing an additional 166 shares during the period. EverSource Wealth Advisors LLC purchased a new position in shares of Innovative Industrial Properties in the 2nd quarter worth approximately $47,000. Baldwin Brothers LLC MA boosted its holdings in shares of Innovative Industrial Properties by 92.3% in the 2nd quarter. Baldwin Brothers LLC MA now owns 625 shares of the company’s stock worth $69,000 after purchasing an additional 300 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of Innovative Industrial Properties by 112.9% in the 1st quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after purchasing an additional 210 shares during the period. Hedge funds and other institutional investors own 73.71% of the company’s stock.

Innovative Industrial Properties Company Profile

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington.