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

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week high on Monday . The stock traded as high as $63.71 and last traded at $63.25, with a volume of 35947 shares. The stock had previously closed at $63.36.

Wall Street Analyst Weigh In

IIPR has been the subject of several recent research reports. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Innovative Industrial Properties has an average rating of “Reduce” and a consensus target price of $45.00.

Innovative Industrial Properties Stock Down 0.4%

The company has a market cap of $1.81 billion, a P/E ratio of 16.09 and a beta of 1.39. The company has a 50 day moving average of $58.23 and a 200-day moving average of $53.38. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results 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 return on equity of 6.62% and a net margin of 45.58%.The business had revenue of $69.00 million during the quarter, compared to the consensus estimate of $65.65 million. During the same quarter in the prior year, the company earned $1.94 earnings per share. Innovative Industrial Properties’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts predict that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 12.0%. Innovative Industrial Properties’s payout ratio is presently 194.37%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Western Wealth Management LLC bought a new stake in Innovative Industrial Properties during the first quarter valued at approximately $149,000. Pacer Advisors Inc. increased its holdings in shares of Innovative Industrial Properties by 12.3% in the 1st quarter. Pacer Advisors Inc. now owns 130,218 shares of the company’s stock worth $6,532,000 after buying an additional 14,253 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Innovative Industrial Properties by 199.0% during the 1st quarter. NewEdge Advisors LLC now owns 6,369 shares of the company’s stock valued at $319,000 after buying an additional 4,239 shares in the last quarter. Bank of America Corp DE raised its position in shares of Innovative Industrial Properties by 76.2% during the 1st quarter. Bank of America Corp DE now owns 29,413 shares of the company’s stock valued at $1,475,000 after buying an additional 12,720 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its holdings in shares of Innovative Industrial Properties by 1.9% during the 1st quarter. Centaurus Financial Inc. now owns 14,119 shares of the company’s stock worth $708,000 after acquiring an additional 259 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

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.