StockNews.com Initiates Coverage on Innovative Industrial Properties (NYSE:IIPR)

Stock analysts at StockNews.com started coverage on shares of Innovative Industrial Properties (NYSE:IIPR – Get Rating) in a report released on Thursday. The brokerage set a “hold” rating on the stock.

A number of other analysts have also recently weighed in on the stock. Craig Hallum decreased their target price on shares of Innovative Industrial Properties from $140.00 to $125.00 in a research note on Wednesday, March 1st. TheStreet cut shares of Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research note on Monday, February 27th. Piper Sandler decreased their target price on shares of Innovative Industrial Properties from $140.00 to $120.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 1st. BTIG Research decreased their target price on shares of Innovative Industrial Properties from $196.00 to $179.00 and set a “buy” rating on the stock in a research note on Tuesday, January 24th. Finally, JMP Securities cut shares of Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research note on Friday, January 20th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $153.17.

Innovative Industrial Properties Stock Up 0.4 %

Shares of IIPR opened at $82.96 on Thursday. Innovative Industrial Properties has a one year low of $78.61 and a one year high of $211.17. The company has a market cap of $2.32 billion, a P/E ratio of 15.03 and a beta of 1.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 27.14 and a quick ratio of 27.14. The firm has a 50 day simple moving average of $91.03 and a two-hundred day simple moving average of $98.46.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.34). Innovative Industrial Properties had a net margin of 55.86% and a return on equity of 8.24%. The firm had revenue of $70.46 million for the quarter, compared to analyst estimates of $68.60 million. Research analysts forecast that Innovative Industrial Properties will post 7.75 EPS for the current fiscal year.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in shares of Innovative Industrial Properties by 0.4% in the third quarter. BlackRock Inc. now owns 4,835,210 shares of the company’s stock worth $427,914,000 after purchasing an additional 17,966 shares during the last quarter. Vanguard Group Inc. boosted its position in Innovative Industrial Properties by 3.1% during the third quarter. Vanguard Group Inc. now owns 4,466,706 shares of the company’s stock valued at $395,303,000 after acquiring an additional 136,398 shares during the last quarter. State Street Corp boosted its position in Innovative Industrial Properties by 11.2% during the second quarter. State Street Corp now owns 1,632,374 shares of the company’s stock valued at $182,098,000 after acquiring an additional 163,999 shares during the last quarter. Northern Trust Corp boosted its position in Innovative Industrial Properties by 6.5% during the second quarter. Northern Trust Corp now owns 350,131 shares of the company’s stock valued at $38,468,000 after acquiring an additional 21,272 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Innovative Industrial Properties by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 348,814 shares of the company’s stock valued at $35,352,000 after acquiring an additional 17,639 shares during the last quarter. Institutional investors own 73.71% of the company’s stock.

About Innovative Industrial Properties

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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.