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

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $61.40 and last traded at $61.58, with a volume of 265406 shares. The stock had previously closed at $58.16.

Analysts Set New Price Targets

Several brokerages have weighed in on IIPR. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Piper Sandler raised their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 25th. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective on the stock in a research note on Tuesday, March 3rd. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $45.00.

Innovative Industrial Properties Stock Up 5.5%

The firm has a 50 day simple moving average of $54.83 and a two-hundred day simple moving average of $52.16. The stock has a market capitalization of $1.77 billion, a P/E ratio of 15.76 and a beta of 1.42. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, May 4th. The company reported $1.02 earnings per share 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 during the quarter, compared to analyst estimates of $65.65 million. During the same period last year, the business earned $1.94 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts expect that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 12.4%. Innovative Industrial Properties’s dividend payout ratio is currently 194.37%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds have recently modified their holdings of IIPR. PNC Financial Services Group Inc. grew its position in shares of Innovative Industrial Properties by 6.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company’s stock valued at $159,000 after buying an additional 182 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Innovative Industrial Properties by 33.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock worth $39,000 after purchasing an additional 205 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after purchasing an additional 207 shares during the last quarter. Allworth Financial LP increased its position in shares of Innovative Industrial Properties by 4.6% during the fourth quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock worth $223,000 after buying an additional 208 shares during the period. Finally, PFG Investments LLC raised its stake in Innovative Industrial Properties by 3.3% during the first quarter. PFG Investments LLC now owns 7,300 shares of the company’s stock worth $366,000 after buying an additional 231 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.