Innovative Industrial Properties (NYSE:IIPR) Price Target Raised to $44.00

Innovative Industrial Properties (NYSE:IIPR) had its price objective increased by Piper Sandler from $43.00 to $44.00 in a report published on Wednesday morning, Marketbeat.com reports. They currently have an underweight rating on the stock.

Separately, Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.50.

Innovative Industrial Properties Trading Up 0.9%

Shares of NYSE:IIPR traded up $0.48 during trading on Wednesday, reaching $51.44. 321,781 shares of the company traded hands, compared to its average volume of 285,488. The company has a current ratio of 2.75, a quick ratio of 10.30 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties has a 52-week low of $45.44 and a 52-week high of $112.82. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 12.19 and a beta of 1.64. The business’s fifty day moving average is $54.39 and its 200-day moving average is $54.59.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02). The firm had revenue of $64.69 million for the quarter, compared to the consensus estimate of $63.72 million. Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The company’s quarterly revenue was down 15.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.25 earnings per share. As a group, analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.8%. Innovative Industrial Properties’s payout ratio is presently 180.09%.

Institutional Trading of Innovative Industrial Properties

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Flaharty Asset Management LLC purchased a new position in shares of Innovative Industrial Properties during the 1st quarter worth approximately $27,000. West Oak Capital LLC bought a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $27,000. AdvisorNet Financial Inc grew its stake in Innovative Industrial Properties by 50.3% in the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after purchasing an additional 187 shares during the period. SSA Swiss Advisors AG bought a new position in Innovative Industrial Properties in the first quarter worth $33,000. Finally, Signaturefd LLC raised its holdings in Innovative Industrial Properties by 49.7% in the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock worth $41,000 after purchasing an additional 251 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.