Zacks Investment Research downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a hold rating in a report released on Friday.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

Separately, Ladenburg Thalmann Financial Services set a $23.00 price objective on Innovative Industrial Properties and gave the stock a buy rating in a research report on Wednesday, November 29th.

Innovative Industrial Properties (NYSE:IIPR) opened at $29.45 on Friday. The stock has a market capitalization of $103.11 and a price-to-earnings ratio of -46.75. Innovative Industrial Properties has a 52-week low of $15.45 and a 52-week high of $36.88.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 8th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.05. The firm had revenue of $1.56 million during the quarter. Innovative Industrial Properties had a negative return on equity of 8.09% and a negative net margin of 108.39%. analysts expect that Innovative Industrial Properties will post 0.18 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a $0.25 dividend. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, December 28th. This represents a $1.00 annualized dividend and a yield of 3.40%. Innovative Industrial Properties’s dividend payout ratio is presently -158.73%.

A hedge fund recently raised its stake in Innovative Industrial Properties stock. NBW Capital LLC raised its position in Innovative Industrial Properties Inc (NYSE:IIPR) by 8.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 45,160 shares of the company’s stock after purchasing an additional 3,479 shares during the period. NBW Capital LLC owned about 1.29% of Innovative Industrial Properties worth $756,000 at the end of the most recent reporting period. 8.60% of the stock is owned by institutional investors.

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About Innovative Industrial Properties

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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