Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Rating of “Reduce” by Brokerages

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have been given an average recommendation of “Reduce” by the nine analysts that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $78.50.

IIPR has been the subject of a number of recent research reports. Piper Sandler raised their target price on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Wednesday, November 5th. Weiss Ratings restated a “sell (d+)” rating on shares of Innovative Industrial Properties in a research report on Monday.

Innovative Industrial Properties Price Performance

Shares of IIPR traded up $3.51 during midday trading on Friday, hitting $48.09. 429,653 shares of the company traded hands, compared to its average volume of 305,321. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 11.40 and a beta of 1.64. The firm has a 50 day moving average of $52.83 and a 200-day moving average of $54.23. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75. Innovative Industrial Properties has a 52 week low of $44.58 and a 52 week high of $112.82.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02). Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The firm had revenue of $64.69 million during the quarter, compared to analysts’ expectations of $63.72 million. During the same quarter in the prior year, the firm posted $2.25 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 15.4% on a year-over-year basis. On average, analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 15.8%. The ex-dividend date of this dividend was Tuesday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 180.09%.

Insider Activity at Innovative Industrial Properties

In other news, Chairman Alan D. Gold bought 1,000 shares of Innovative Industrial Properties stock in a transaction dated Wednesday, November 19th. The shares were acquired at an average price of $46.26 per share, with a total value of $46,260.00. Following the completion of the purchase, the chairman owned 57,500 shares in the company, valued at $2,659,950. The trade was a 1.77% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David Jon Smith bought 600 shares of the stock in a transaction dated Thursday, November 20th. The stock was purchased at an average price of $45.90 per share, with a total value of $27,540.00. Following the acquisition, the chief financial officer directly owned 600 shares in the company, valued at approximately $27,540. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.00% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Centaurus Financial Inc. boosted its position in shares of Innovative Industrial Properties by 5.2% during the third quarter. Centaurus Financial Inc. now owns 13,615 shares of the company’s stock valued at $730,000 after buying an additional 673 shares during the period. Sunbelt Securities Inc. boosted its holdings in Innovative Industrial Properties by 38.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 20,515 shares of the company’s stock valued at $1,099,000 after acquiring an additional 5,661 shares during the period. Advisory Services Network LLC bought a new position in Innovative Industrial Properties in the 3rd quarter valued at $34,000. CANADA LIFE ASSURANCE Co grew its position in Innovative Industrial Properties by 5.2% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 67,949 shares of the company’s stock valued at $3,743,000 after acquiring an additional 3,370 shares during the last quarter. Finally, Triumph Capital Management bought a new stake in shares of Innovative Industrial Properties during the third quarter worth $44,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.