Innovative Industrial Properties (NYSE:IIPR) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of Innovative Industrial Properties (NYSE:IIPR – Get Rating) in a report issued on Thursday morning. The brokerage issued a hold rating on the stock.

A number of other equities analysts also recently commented on IIPR. Craig Hallum reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $125.00 in a report on Wednesday, March 1st. BTIG Research reduced their price objective on shares of Innovative Industrial Properties from $196.00 to $179.00 and set a buy rating for the company in a report on Tuesday, January 24th. JMP Securities downgraded shares of Innovative Industrial Properties from an outperform rating to a market perform rating in a report on Friday, January 20th. TheStreet downgraded shares of Innovative Industrial Properties from a b- rating to a c+ rating in a report on Monday, February 27th. Finally, Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $120.00 and set an overweight rating for the company in a report on Wednesday, March 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $153.17.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $80.26 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 27.14 and a quick ratio of 27.14. Innovative Industrial Properties has a fifty-two week low of $78.61 and a fifty-two week high of $211.17. The firm has a fifty day moving average price of $90.34 and a two-hundred day moving average price of $98.28. The company has a market cap of $2.25 billion, a PE ratio of 14.54 and a beta of 1.60.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last issued its quarterly earnings results on Monday, February 27th. The company reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.34). Innovative Industrial Properties had a net margin of 55.86% and a return on equity of 8.24%. The company had revenue of $70.46 million during the quarter, compared to the consensus estimate of $68.60 million. Analysts expect that Innovative Industrial Properties will post 7.75 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be given a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 8.97%. The ex-dividend date is Thursday, March 30th. Innovative Industrial Properties’s payout ratio is presently 130.43%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IIPR. Private Advisor Group LLC increased its position in Innovative Industrial Properties by 41.5% in the 1st quarter. Private Advisor Group LLC now owns 2,344 shares of the company’s stock valued at $481,000 after acquiring an additional 687 shares in the last quarter. Bank of Montreal Can grew its position in shares of Innovative Industrial Properties by 8.1% during the 1st quarter. Bank of Montreal Can now owns 9,019 shares of the company’s stock worth $1,893,000 after buying an additional 676 shares during the period. MetLife Investment Management LLC grew its position in shares of Innovative Industrial Properties by 55.5% during the 1st quarter. MetLife Investment Management LLC now owns 12,587 shares of the company’s stock worth $2,585,000 after buying an additional 4,492 shares during the period. Rhumbline Advisers grew its position in shares of Innovative Industrial Properties by 8.2% during the 1st quarter. Rhumbline Advisers now owns 64,743 shares of the company’s stock worth $13,298,000 after buying an additional 4,898 shares during the period. Finally, Great West Life Assurance Co. Can grew its position in shares of Innovative Industrial Properties by 6.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company’s stock worth $8,914,000 after buying an additional 2,556 shares during the period. Institutional investors and hedge funds own 73.71% of the company’s stock.

About Innovative Industrial Properties

(Get Rating)

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.