Innovative Industrial Properties (NYSE:IIPR) Reaches New 12-Month High – Here’s What Happened

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $63.71 and last traded at $63.25, with a volume of 35947 shares. The stock had previously closed at $63.36.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IIPR. Zacks Research lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties Trading Down 0.4%

The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20. The firm has a fifty day simple moving average of $58.23 and a two-hundred day simple moving average of $53.38. The firm has a market cap of $1.81 billion, a PE ratio of 16.09 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, May 4th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.05). Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The business had revenue of $69.00 million for the quarter, compared to analysts’ expectations of $65.65 million. During the same period last year, the firm posted $1.94 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts forecast that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 12.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Innovative Industrial Properties’s payout ratio is presently 194.37%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in shares of Innovative Industrial Properties in the 4th quarter worth about $25,000. FNY Investment Advisers LLC bought a new position in Innovative Industrial Properties in the third quarter worth about $32,000. Advisory Services Network LLC bought a new position in Innovative Industrial Properties in the third quarter worth about $34,000. Los Angeles Capital Management LLC bought a new stake in Innovative Industrial Properties during the 4th quarter valued at approximately $35,000. Finally, Headlands Technologies LLC grew its holdings in shares of Innovative Industrial Properties by 109.4% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after acquiring an additional 396 shares during the period. 70.58% of the stock is currently owned by institutional investors.

About Innovative Industrial Properties

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.