Innovative Industrial Properties (NYSE:IIPR) Shares Down 3.4% – What’s Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price dropped 3.4% during trading on Tuesday . The stock traded as low as $48.65 and last traded at $49.0290. Approximately 42,780 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 309,556 shares. The stock had previously closed at $50.76.

Analyst Ratings Changes

Several equities research analysts recently issued reports on IIPR shares. Piper Sandler upped their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Compass Point raised shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target on the stock in a research report on Tuesday, March 3rd. Finally, Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, March 25th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $49.00.

Innovative Industrial Properties Stock Down 1.0%

The stock has a 50 day moving average price of $50.48 and a 200 day moving average price of $51.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. The company has a market capitalization of $1.41 billion, a P/E ratio of 12.81 and a beta of 1.44.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.17. The business had revenue of $66.66 million during the quarter, compared to the consensus estimate of $66.16 million. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The firm’s quarterly revenue was down 13.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.03 earnings per share. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.1%. The ex-dividend date of this dividend is Tuesday, March 31st. Innovative Industrial Properties’s payout ratio is 193.88%.

Institutional Trading of Innovative Industrial Properties

A number of large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Innovative Industrial Properties by 229.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock valued at $15,906,000 after buying an additional 200,652 shares during the last quarter. Edgestream Partners L.P. bought a new position in Innovative Industrial Properties during the second quarter worth about $8,099,000. Millennium Management LLC increased its stake in shares of Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock worth $8,520,000 after purchasing an additional 144,714 shares in the last quarter. Invesco Ltd. raised its position in shares of Innovative Industrial Properties by 40.5% in the second quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock valued at $21,101,000 after purchasing an additional 110,236 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Innovative Industrial Properties by 26.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock valued at $24,112,000 after buying an additional 105,569 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.