Innovative Industrial Properties (NYSE:IIPR) Stock Rating Lowered by Alliance Global Partners

Innovative Industrial Properties (NYSE:IIPR) was downgraded by investment analysts at Alliance Global Partners from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other analysts have also commented on the stock. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their target price for the stock from $125.00 to $78.00 in a research report on Friday. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $70.45 on Monday. Innovative Industrial Properties has a 1 year low of $68.80 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The stock has a fifty day moving average price of $113.17 and a two-hundred day moving average price of $117.72. The firm has a market cap of $2.00 billion, a P/E ratio of 12.54 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period in the prior year, the business earned $2.29 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts forecast that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the company. Focused Wealth Management Inc raised its holdings in shares of Innovative Industrial Properties by 2.4% during the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after purchasing an additional 93 shares in the last quarter. Bristlecone Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 0.8% in the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock worth $1,696,000 after buying an additional 103 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares during the period. Dynamic Advisor Solutions LLC grew its stake in Innovative Industrial Properties by 3.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock valued at $739,000 after buying an additional 168 shares during the last quarter. Finally, USA Financial Formulas bought a new position in Innovative Industrial Properties in the 3rd quarter worth $25,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

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.