Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Consensus Recommendation of “Reduce” by Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received a consensus rating of “Reduce” from the six ratings firms that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $68.20.

A number of research firms have weighed in on IIPR. Piper Sandler upped their price target on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 5th. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, December 29th.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $50.58 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75. The stock has a 50-day simple moving average of $50.60 and a two-hundred day simple moving average of $53.01. The firm has a market capitalization of $1.42 billion, a PE ratio of 11.99 and a beta of 1.46. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $75.71.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing the consensus estimate of $1.73 by ($0.02). The company had revenue of $64.69 million during the quarter, compared to the consensus estimate of $63.72 million. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The firm’s quarterly revenue was down 15.4% compared to the same quarter last year. During the same period last year, the business earned $2.25 EPS. Analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 15.0%. The ex-dividend date is Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is presently 180.09%.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Chairman Alan D. Gold bought 2,600 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were bought at an average price of $49.09 per share, with a total value of $127,634.00. Following the purchase, the chairman owned 2,600 shares of the company’s stock, valued at $127,634. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David Jon Smith purchased 600 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was acquired at an average price of $45.90 per share, with a total value of $27,540.00. Following the completion of the purchase, the chief financial officer directly owned 600 shares in the company, valued at $27,540. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 4,200 shares of company stock worth $201,434 in the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. increased its position in Innovative Industrial Properties by 15.2% in the third quarter. Invesco Ltd. now owns 440,364 shares of the company’s stock worth $23,595,000 after purchasing an additional 58,231 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Innovative Industrial Properties by 5.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company’s stock worth $16,317,000 after acquiring an additional 16,471 shares in the last quarter. AlphaCore Capital LLC increased its stake in Innovative Industrial Properties by 0.8% during the third quarter. AlphaCore Capital LLC now owns 211,407 shares of the company’s stock worth $11,729,000 after acquiring an additional 1,777 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Innovative Industrial Properties by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock worth $11,433,000 after acquiring an additional 13,291 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Innovative Industrial Properties by 17.9% during the second quarter. JPMorgan Chase & Co. now owns 178,271 shares of the company’s stock valued at $9,844,000 after purchasing an additional 27,115 shares during the period. 70.58% of the stock is currently owned by institutional investors.

About Innovative Industrial Properties

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.