Innovative Industrial Properties (NYSE:IIPR) Raised to “Strong-Buy” at Zacks Research

Innovative Industrial Properties (NYSE:IIPR) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Other analysts also recently issued reports about the company. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research note on Tuesday, March 3rd. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, March 25th. Finally, Piper Sandler boosted their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $49.00.

Innovative Industrial Properties Stock Up 1.0%

IIPR opened at $49.92 on Monday. The business has a 50 day moving average price of $50.52 and a two-hundred day moving average price of $51.20. The company has a quick ratio of 4.38, a current ratio of 4.38 and a debt-to-equity ratio of 0.22. The company has a market cap of $1.40 billion, a PE ratio of 12.73 and a beta of 1.45. Innovative Industrial Properties has a 52 week low of $44.58 and a 52 week high of $59.83.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.71 by $0.17. The firm had revenue of $66.66 million during the quarter, compared to the consensus estimate of $66.16 million. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The firm’s revenue was down 13.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.03 EPS. As a group, research analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current year.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company’s stock valued at $25,610,000 after buying an additional 23,901 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Innovative Industrial Properties by 26.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock valued at $24,112,000 after buying an additional 105,569 shares during the last quarter. Invesco Ltd. grew its holdings in Innovative Industrial Properties by 12.1% during the 4th quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock valued at $23,372,000 after buying an additional 53,143 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Innovative Industrial Properties by 4.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 350,367 shares of the company’s stock valued at $16,593,000 after buying an additional 16,426 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Innovative Industrial Properties by 5.7% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company’s stock valued at $16,317,000 after buying an additional 16,471 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.