Innovative Industrial Properties (NYSE:IIPR) Hits New 1-Year High at $124.30

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $124.30 and last traded at $123.25, with a volume of 31466 shares traded. The stock had previously closed at $122.93.

Analyst Upgrades and Downgrades

Separately, Roth Mkm lifted their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $112.67.

Innovative Industrial Properties Stock Performance

The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 21.65 and a beta of 1.37. The company has a quick ratio of 14.27, a current ratio of 14.27 and a debt-to-equity ratio of 0.15. The stock’s 50-day simple moving average is $111.08 and its 200 day simple moving average is $102.60.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly 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). The firm had revenue of $75.45 million during the quarter, compared to analyst estimates of $79.65 million. Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. Analysts expect that Innovative Industrial Properties, Inc. will post 8.38 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.15%. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Thursday, June 27th. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of large investors have recently modified their holdings of IIPR. Independence Bank of Kentucky raised its stake in shares of Innovative Industrial Properties by 82.9% during the fourth quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock worth $65,000 after buying an additional 290 shares during the last quarter. Lee Financial Group Hawaii Inc. raised its stake in shares of Innovative Industrial Properties by 12.3% during the fourth quarter. Lee Financial Group Hawaii Inc. now owns 8,025 shares of the company’s stock worth $809,000 after buying an additional 880 shares during the last quarter. Seed Wealth Management Inc. bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $224,000. International Assets Investment Management LLC bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $14,952,000. Finally, Detalus Advisors LLC increased its stake in Innovative Industrial Properties by 26.3% in the fourth quarter. Detalus Advisors LLC now owns 5,219 shares of the company’s stock valued at $526,000 after purchasing an additional 1,087 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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.