Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Consensus Rating of “Reduce” from Brokerages

Innovative Industrial Properties, Inc. (NYSE:IIPR) has received a consensus rating of “Reduce” from the eight brokerages that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $68.20.

Several equities research analysts recently issued reports on IIPR shares. Piper Sandler boosted their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Innovative Industrial Properties in a report on Monday.

Insider Activity at Innovative Industrial Properties

In other news, CFO David Jon Smith purchased 600 shares of the stock in a transaction dated Thursday, November 20th. The shares were acquired at an average cost of $45.90 per share, for a total transaction of $27,540.00. Following the acquisition, the chief financial officer owned 600 shares of the company’s stock, valued at approximately $27,540. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Alan D. Gold acquired 2,600 shares of Innovative Industrial Properties stock in a transaction on Monday, November 24th. The shares were bought at an average price of $49.09 per share, with a total value of $127,634.00. Following the purchase, the chairman directly owned 2,600 shares in the company, valued at approximately $127,634. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 4,200 shares of company stock valued at $201,434 over the last three months. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Innovative Industrial Properties by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company’s stock worth $241,747,000 after buying an additional 45,617 shares during the period. Invesco Ltd. increased its stake in Innovative Industrial Properties by 15.2% during the 3rd quarter. Invesco Ltd. now owns 440,364 shares of the company’s stock worth $23,595,000 after buying an additional 58,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Innovative Industrial Properties by 5.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company’s stock valued at $16,317,000 after buying an additional 16,471 shares during the last quarter. AlphaCore Capital LLC grew its stake in Innovative Industrial Properties by 0.8% during the 3rd quarter. AlphaCore Capital LLC now owns 211,407 shares of the company’s stock worth $11,729,000 after buying an additional 1,777 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Innovative Industrial Properties by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock worth $11,433,000 after purchasing an additional 13,291 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Up 2.4%

Shares of IIPR stock traded up $1.38 on Wednesday, reaching $59.52. 91,898 shares of the company’s stock traded hands, compared to its average volume of 320,433. Innovative Industrial Properties has a 12-month low of $44.58 and a 12-month high of $102.91. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75. The company has a market capitalization of $1.67 billion, a P/E ratio of 14.05 and a beta of 1.50. The business’s 50 day moving average price is $51.38 and its two-hundred day moving average price is $53.75.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $63.72 million. During the same period in the prior year, the company posted $2.25 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 15.4% compared to the same quarter last year. On average, equities analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 12.8%. The ex-dividend date of this dividend is Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 180.09%.

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.