Innovative Industrial Properties (NYSE:IIPR) Sets New 1-Year High – Here’s Why

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $62.51 and last traded at $62.4850, with a volume of 129444 shares traded. The stock had previously closed at $61.16.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IIPR shares. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a research report on Tuesday, March 3rd. Zacks Research cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of “Reduce” and a consensus price target of $45.00.

Innovative Industrial Properties Stock Performance

The company’s fifty day simple moving average is $57.04 and its two-hundred day simple moving average is $52.97. The stock has a market capitalization of $1.79 billion, a P/E ratio of 15.90 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.05). Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The business had revenue of $69.00 million for the quarter, compared to the consensus estimate of $65.65 million. During the same period in the prior year, the business posted $1.94 earnings per share. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 12.2%. The ex-dividend date of this dividend is Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 194.37%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Innovative Industrial Properties during the 4th quarter worth $25,000. FNY Investment Advisers LLC bought a new position in Innovative Industrial Properties during the 3rd quarter valued at $32,000. Advisory Services Network LLC purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at $34,000. Los Angeles Capital Management LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $35,000. Finally, Huntington National Bank raised its position in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after purchasing an additional 366 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.