Innovative Industrial Properties (NYSE:IIPR) Lowered to “Hold” Rating by Zacks Research

Innovative Industrial Properties (NYSE:IIPR) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target on the stock in a report on Tuesday, March 3rd. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 10th. Finally, Piper Sandler lifted their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a report on Wednesday, February 25th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Innovative Industrial Properties has a consensus rating of “Reduce” and a consensus price target of $45.00.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $57.87 on Tuesday. The company has a quick ratio of 4.38, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $61.40. The business’s 50-day moving average price is $52.88 and its 200 day moving average price is $51.06. The firm has a market cap of $1.65 billion, a P/E ratio of 14.80 and a beta of 1.43.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $69.00 million for the quarter, compared to analysts’ expectations of $65.65 million. During the same period in the prior year, the business earned $1.94 EPS. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts expect that Innovative Industrial Properties will post 7.14 earnings per share for the current year.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sigma Planning Corp lifted its position in shares of Innovative Industrial Properties by 13.2% during the 1st quarter. Sigma Planning Corp now owns 9,892 shares of the company’s stock valued at $496,000 after acquiring an additional 1,155 shares during the period. Maryland State Retirement & Pension System acquired a new stake in shares of Innovative Industrial Properties during the 1st quarter valued at approximately $205,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Innovative Industrial Properties by 21.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,431 shares of the company’s stock valued at $975,000 after acquiring an additional 3,474 shares during the period. Hsbc Holdings PLC lifted its position in shares of Innovative Industrial Properties by 15.2% during the 1st quarter. Hsbc Holdings PLC now owns 51,932 shares of the company’s stock valued at $2,605,000 after acquiring an additional 6,843 shares during the period. Finally, Resona Asset Management Co. Ltd. lifted its position in shares of Innovative Industrial Properties by 6.6% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 12,448 shares of the company’s stock valued at $631,000 after acquiring an additional 776 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

About Innovative Industrial Properties

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.