Innovative Industrial Properties (NYSE:IIPR) Given New $44.00 Price Target at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its price objective reduced by Piper Sandler from $51.00 to $44.00 in a report published on Monday morning,Benzinga reports. They currently have an underweight rating on the stock.

A number of other brokerages have also recently weighed in on IIPR. Huntington started coverage on Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price target on the stock. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $49.67.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $51.24 on Monday. The company has a market cap of $1.41 billion, a PE ratio of 11.62 and a beta of 1.37. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The firm has a 50-day simple moving average of $55.69 and a 200 day simple moving average of $56.91. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The firm had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. On average, sell-side analysts anticipate that Innovative Industrial Properties will post 7.05 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.8%. The ex-dividend date of this dividend is Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 172.34%.

Insider Activity

In other news, Director Bruce Ives bought 528 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was purchased at an average price of $56.70 per share, for a total transaction of $29,937.60. Following the transaction, the director owned 3,180 shares in the company, valued at approximately $180,306. This trade represents a 19.91% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Scott Shoemaker sold 611 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the sale, the director owned 2,000 shares in the company, valued at $112,720. The trade was a 23.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its holdings in Innovative Industrial Properties by 26.3% in the 3rd quarter. GAMMA Investing LLC now owns 1,833 shares of the company’s stock worth $97,000 after buying an additional 382 shares in the last quarter. Farther Finance Advisors LLC increased its position in Innovative Industrial Properties by 153.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,764 shares of the company’s stock valued at $146,000 after acquiring an additional 1,673 shares during the period. QRG Capital Management Inc. raised its stake in Innovative Industrial Properties by 144.9% during the 2nd quarter. QRG Capital Management Inc. now owns 10,229 shares of the company’s stock valued at $634,000 after acquiring an additional 6,053 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Innovative Industrial Properties during the 2nd quarter valued at $211,000. Finally, NewEdge Advisors LLC raised its stake in Innovative Industrial Properties by 6.7% during the 2nd quarter. NewEdge Advisors LLC now owns 6,793 shares of the company’s stock valued at $421,000 after acquiring an additional 424 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.