Innovative Industrial Properties (NYSE:IIPR) Stock Gets Price Target Cut from Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) had its target price reduced by Piper Sandler from $51.00 to $44.00 in a research report sent to investors on Monday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the stock.

IIPR has been the topic of a number of other research reports. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Huntington initiated coverage on Innovative Industrial Properties in a report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price target for the company. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $51.31.

Innovative Industrial Properties Stock Down 0.1%

IIPR stock opened at $51.49 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $65.38. The company has a 50-day moving average of $55.38 and a two-hundred day moving average of $56.90. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 11.68 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. The company had revenue of $63.31 million for the quarter, compared to the consensus estimate of $67.09 million. As a group, equities research analysts anticipate that Innovative Industrial Properties will post 7.04 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 14.8%. The ex-dividend date is Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 172.34%.

Insider Transactions at Innovative Industrial Properties

In related news, Director Bruce Ives acquired 528 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were bought at an average price of $56.70 per share, for a total transaction of $29,937.60. Following the acquisition, the director owned 3,180 shares in the company, valued at $180,306. This trade represents a 19.91% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Alan Gold acquired 40,000 shares of the business’s stock in a transaction dated Thursday, October 8th. The shares were bought at an average cost of $25.00 per share, with a total value of $1,000,000.00. Following the transaction, the chairman directly owned 40,000 shares of the company’s stock, valued at $1,000,000. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Several large investors have recently added to or reduced their stakes in IIPR. Bank of America Corp DE bought a new stake in Innovative Industrial Properties in the second quarter valued at about $1,384,000. Public Employees Retirement System of Ohio acquired a new position in Innovative Industrial Properties in the second quarter worth about $2,025,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Innovative Industrial Properties during the second quarter worth about $3,512,000. BlackRock Inc. bought a new position in Innovative Industrial Properties during the second quarter worth about $309,746,000. Finally, Deutsche Bank AG bought a new position in Innovative Industrial Properties during the second quarter worth about $2,429,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.