Innovative Industrial Properties (NYSE:IIPR) Stock Price Down 3.4% – Should You Sell?

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) dropped 3.4% during mid-day trading on Tuesday . The company traded as low as $48.65 and last traded at $49.0290. Approximately 42,780 shares traded hands during trading, a decline of 86% from the average daily volume of 309,556 shares. The stock had previously closed at $50.76.

Analysts Set New Price Targets

IIPR has been the topic of a number of analyst reports. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, March 25th. Piper Sandler increased their price target on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research report on Tuesday, March 3rd. Three analysts have rated the stock with a Hold rating and two have 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 $49.00.

Innovative Industrial Properties Stock Down 1.0%

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 $1.41 billion, a PE ratio of 12.81 and a beta of 1.44. The stock has a 50-day moving average of $50.48 and a 200-day moving average of $51.52.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, February 23rd. The company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.71 by $0.17. The business had revenue of $66.66 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the business earned $2.03 earnings per share. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 15.1%. The ex-dividend date of this dividend is Tuesday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 193.88%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $25,000. West Oak Capital LLC purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter worth about $27,000. FNY Investment Advisers LLC bought a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at about $32,000. Advisory Services Network LLC bought a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at about $34,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $35,000. Institutional investors own 70.58% of the company’s stock.

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.