Innovative Industrial Properties (NYSE:IIPR) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks.com reports.

Several other research analysts also recently commented on IIPR. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price for the company in a research note on Tuesday, March 3rd. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, March 25th. Finally, Piper Sandler raised their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $49.00.

Innovative Industrial Properties Stock Performance

IIPR traded up $1.00 during trading hours on Monday, hitting $50.97. The stock had a trading volume of 51,160 shares, compared to its average volume of 309,116. The company’s fifty day simple moving average is $50.52 and its 200 day simple moving average is $51.20. Innovative Industrial Properties has a 1 year low of $44.58 and a 1 year high of $59.83. The stock has a market cap of $1.43 billion, a PE ratio of 13.02 and a beta of 1.45. The company has a quick ratio of 4.38, a current ratio of 4.38 and a debt-to-equity ratio of 0.22.

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

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $1.90 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $7.60 annualized dividend and a yield of 14.9%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 193.88%.

Institutional Trading of Innovative Industrial Properties

A number of large investors have recently modified their holdings of the business. Hsbc Holdings PLC boosted its position in shares of Innovative Industrial Properties by 22.2% during the 4th quarter. Hsbc Holdings PLC now owns 45,089 shares of the company’s stock valued at $2,135,000 after acquiring an additional 8,189 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of Innovative Industrial Properties by 18.9% during the 4th quarter. Corient Private Wealth LLC now owns 5,358 shares of the company’s stock valued at $260,000 after acquiring an additional 850 shares during the last quarter. Sunbelt Securities Inc. boosted its position in shares of Innovative Industrial Properties by 25.6% during the 4th quarter. Sunbelt Securities Inc. now owns 25,760 shares of the company’s stock valued at $1,220,000 after acquiring an additional 5,245 shares during the last quarter. Invesco Ltd. boosted its position in shares of Innovative Industrial Properties by 12.1% during the 4th quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock valued at $23,372,000 after acquiring an additional 53,143 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Innovative Industrial Properties by 1,551.2% during the 4th quarter. NewEdge Advisors LLC now owns 2,130 shares of the company’s stock valued at $101,000 after acquiring an additional 2,001 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

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.