Piper Sandler Issues Pessimistic Forecast for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its price target trimmed by Piper Sandler from $120.00 to $118.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages have also issued reports on IIPR. Roth Mkm boosted their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Friday. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR traded down $3.70 during midday trading on Friday, hitting $106.37. The company’s stock had a trading volume of 652,823 shares, compared to its average volume of 151,983. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. Innovative Industrial Properties has a 1-year low of $73.04 and a 1-year high of $138.35. The firm’s fifty day moving average price is $129.74 and its 200-day moving average price is $118.35. The firm has a market cap of $3.01 billion, a P/E ratio of 18.93 and a beta of 1.37.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.14%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s payout ratio is presently 135.23%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Focused Wealth Management Inc raised its stake in shares of Innovative Industrial Properties by 2.4% in the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after buying an additional 93 shares in the last quarter. Bristlecone Advisors LLC boosted its holdings in Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after purchasing an additional 103 shares in the last quarter. Cape Investment Advisory Inc. grew its stake in shares of Innovative Industrial Properties by 11.6% in the 1st quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after purchasing an additional 114 shares during the period. Baader Bank Aktiengesellschaft grew its stake in shares of Innovative Industrial Properties by 2.1% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after purchasing an additional 116 shares during the period. Finally, Hancock Whitney Corp lifted its position in shares of Innovative Industrial Properties by 2.4% during the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock worth $541,000 after buying an additional 124 shares during the period. 70.58% of the stock is owned by institutional investors.

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.