Innovative Industrial Properties (NYSE:IIPR) Sets New 12-Month High – Should You Buy?

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $62.51 and last traded at $62.4850, with a volume of 129444 shares. The stock had previously closed at $61.16.

Wall Street Analysts Forecast Growth

IIPR has been the subject of a number of research analyst reports. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a research report on Tuesday, March 3rd. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties Trading Up 1.6%

The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 15.90 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. The company’s 50 day simple moving average is $57.04 and its two-hundred day simple moving average is $52.97.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. During the same period in the prior year, the company posted $1.94 earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $1.90 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 12.2%. Innovative Industrial Properties’s dividend payout ratio is 194.37%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its stake in Innovative Industrial Properties by 3,423.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after buying an additional 524,284 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Innovative Industrial Properties by 229.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after purchasing an additional 200,652 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after purchasing an additional 144,714 shares during the period. Invesco Ltd. boosted its stake in shares of Innovative Industrial Properties by 40.5% in the second quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock valued at $21,101,000 after purchasing an additional 110,236 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Innovative Industrial Properties by 26.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock valued at $24,112,000 after purchasing an additional 105,569 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

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.