Analysts Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Price Target at $78.67

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been assigned a consensus recommendation of “Hold” from the ten research firms that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $78.6667.

A number of equities research analysts have recently commented on IIPR shares. Wolfe Research downgraded Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $53.48 on Friday. Innovative Industrial Properties has a twelve month low of $45.44 and a twelve month high of $136.80. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 11.58 and a beta of 1.64. The firm has a 50-day moving average of $54.50 and a two-hundred day moving average of $54.82. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The business had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. During the same period in the prior year, the business earned $2.06 earnings per share. The business’s quarterly revenue was down 21.2% on a year-over-year basis. As a group, analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 14.2%. Innovative Industrial Properties’s dividend payout ratio is currently 164.50%.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds have recently made changes to their positions in the company. Flaharty Asset Management LLC purchased a new stake in shares of Innovative Industrial Properties in the first quarter valued at $27,000. West Oak Capital LLC purchased a new stake in Innovative Industrial Properties in the 3rd quarter worth about $27,000. AdvisorNet Financial Inc lifted its stake in Innovative Industrial Properties by 50.3% in the 2nd quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after acquiring an additional 187 shares in the last quarter. PSI Advisors LLC lifted its stake in Innovative Industrial Properties by 454.5% in the 1st quarter. PSI Advisors LLC now owns 610 shares of the company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. Finally, SSA Swiss Advisors AG purchased a new stake in Innovative Industrial Properties in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 70.58% 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 properties leased to experienced, state-licensed operators for their regulated 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.