Zacks Investment Research cut shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a sell rating in a research note published on Tuesday.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

Several other equities analysts have also weighed in on IIPR. LADENBURG THALM/SH SH restated a buy rating and set a $48.00 target price on shares of Innovative Industrial Properties in a report on Monday, September 10th. Compass Point raised their target price on Innovative Industrial Properties from $48.00 to $50.00 and gave the company a buy rating in a report on Monday, October 8th. Finally, TheStreet upgraded Innovative Industrial Properties from a c rating to a b- rating in a report on Friday, November 30th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $50.33.

NYSE IIPR opened at $51.78 on Tuesday. Innovative Industrial Properties has a fifty-two week low of $23.63 and a fifty-two week high of $55.63. The stock has a market cap of $483.05 million, a price-to-earnings ratio of 77.28 and a beta of 1.10.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 7th. The company reported $0.21 earnings per share for the quarter. Innovative Industrial Properties had a return on equity of 3.89% and a net margin of 37.34%. The company had revenue of $3.93 million for the quarter. On average, equities research analysts anticipate that Innovative Industrial Properties will post 1.13 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a $0.35 dividend. The ex-dividend date is Friday, December 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.70%. Innovative Industrial Properties’s payout ratio is presently 208.96%.

Several institutional investors have recently bought and sold shares of IIPR. BlackRock Inc. increased its stake in shares of Innovative Industrial Properties by 3,121.4% in the second quarter. BlackRock Inc. now owns 413,951 shares of the company’s stock worth $15,158,000 after purchasing an additional 401,101 shares during the period. Essex Investment Management Co. LLC increased its stake in shares of Innovative Industrial Properties by 169.0% in the third quarter. Essex Investment Management Co. LLC now owns 140,197 shares of the company’s stock worth $6,763,000 after purchasing an additional 88,070 shares during the period. Uniplan Investment Counsel Inc. bought a new position in shares of Innovative Industrial Properties in the third quarter worth about $2,673,000. Renaissance Technologies LLC increased its stake in shares of Innovative Industrial Properties by 68.2% in the second quarter. Renaissance Technologies LLC now owns 107,000 shares of the company’s stock worth $3,918,000 after purchasing an additional 43,400 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in shares of Innovative Industrial Properties in the third quarter worth about $1,621,000. Institutional investors and hedge funds own 29.76% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

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