Roth Mkm Boosts Innovative Industrial Properties (NYSE:IIPR) Price Target to $140.00

Innovative Industrial Properties (NYSE:IIPR) had its price target upped by Roth Mkm from $115.00 to $140.00 in a report issued on Monday, Benzinga reports. Roth Mkm currently has a buy rating on the stock.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $119.33 on Monday. The company has a market capitalization of $3.38 billion, a P/E ratio of 20.94 and a beta of 1.37. The company’s 50-day simple moving average is $110.63 and its two-hundred day simple moving average is $102.05. Innovative Industrial Properties has a one year low of $69.08 and a one year high of $124.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, May 8th. The company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.74). Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. The business had revenue of $75.45 million for the quarter, compared to analysts’ expectations of $79.65 million. As a group, equities analysts anticipate that Innovative Industrial Properties will post 8.5 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 6.37%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. The ex-dividend date was Thursday, June 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

Institutional Trading of Innovative Industrial Properties

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $31,116,000. Tidal Investments LLC raised its stake in shares of Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after purchasing an additional 221,791 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $14,952,000. Dimensional Fund Advisors LP raised its position in Innovative Industrial Properties by 57.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock worth $20,430,000 after buying an additional 74,289 shares during the last quarter. Finally, LSV Asset Management lifted its stake in Innovative Industrial Properties by 124.4% during the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after acquiring an additional 56,200 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.