Innovative Industrial Properties (NYSE:IIPR) Trading Up 4.5%

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price was up 4.5% during mid-day trading on Tuesday . The company traded as high as $103.23 and last traded at $103.20. Approximately 369,106 shares changed hands during mid-day trading, an increase of 69% from the average daily volume of 217,976 shares. The stock had previously closed at $98.71.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IIPR shares. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Four analysts have rated the stock with a hold rating, According to MarketBeat, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus target price of $92.67.

Innovative Industrial Properties Stock Performance

The firm has a market capitalization of $2.92 billion, a PE ratio of 17.92 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. The company’s fifty day simple moving average is $97.89 and its 200 day simple moving average is $91.19.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.62). The business had revenue of $79.16 million during the quarter, compared to the consensus estimate of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. As a group, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a yield of 7.03%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 126.17%.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently bought and sold shares of IIPR. AE Wealth Management LLC increased its stake in Innovative Industrial Properties by 9.9% in the 3rd quarter. AE Wealth Management LLC now owns 4,347 shares of the company’s stock worth $329,000 after acquiring an additional 390 shares during the last quarter. Dakota Wealth Management purchased a new position in shares of Innovative Industrial Properties during the third quarter worth about $235,000. Raymond James & Associates increased its position in shares of Innovative Industrial Properties by 7.8% in the third quarter. Raymond James & Associates now owns 10,185 shares of the company’s stock worth $771,000 after purchasing an additional 740 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in Innovative Industrial Properties by 49.8% in the third quarter. Stratos Wealth Partners LTD. now owns 5,522 shares of the company’s stock valued at $418,000 after purchasing an additional 1,835 shares in the last quarter. Finally, GW Henssler & Associates Ltd. bought a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth $251,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

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.