Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $78.67 Consensus Target Price from Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received a consensus recommendation of “Hold” from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $78.67.

IIPR has been the topic of a number of research reports. Compass Point restated a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Piper Sandler cut their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 15th. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Wolfe Research began coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price objective on the stock. Finally, Roth Mkm decreased their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds have recently added to or reduced their stakes in IIPR. Pacer Advisors Inc. acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $42,006,000. Norges Bank acquired a new position in Innovative Industrial Properties in the 4th quarter valued at about $22,635,000. Balyasny Asset Management L.P. bought a new position in Innovative Industrial Properties in the 4th quarter valued at about $9,615,000. Voloridge Investment Management LLC raised its holdings in Innovative Industrial Properties by 2,683.2% in the 4th quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock valued at $6,497,000 after acquiring an additional 93,991 shares during the period. Finally, Cambiar Investors LLC lifted its position in Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after acquiring an additional 85,244 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $55.57 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. Innovative Industrial Properties has a 52 week low of $45.44 and a 52 week high of $138.35. The company’s 50 day moving average price is $58.28 and its two-hundred day moving average price is $78.68. The company has a market capitalization of $1.56 billion, a P/E ratio of 10.05 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). The company had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.21 earnings per share. On average, analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.68%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 146.15%.

About Innovative Industrial Properties

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.