Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week High – Still a Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price hit a new 52-week high on Thursday . The company traded as high as $61.40 and last traded at $61.58, with a volume of 265406 shares traded. The stock had previously closed at $58.16.

Wall Street Analysts Forecast Growth

IIPR has been the topic of a number of recent analyst reports. Zacks Research downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective on the stock in a report on Tuesday, March 3rd. Piper Sandler upped their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Finally, Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $45.00.

Innovative Industrial Properties Price Performance

The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 15.76 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. The business has a 50 day simple moving average of $54.83 and a 200-day simple moving average of $52.16.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.05). Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The company had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $65.65 million. During the same period last year, the company earned $1.94 earnings per share. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 12.4%. Innovative Industrial Properties’s dividend payout ratio is presently 194.37%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IIPR. NewEdge Advisors LLC increased its stake in Innovative Industrial Properties by 199.0% in the 1st quarter. NewEdge Advisors LLC now owns 6,369 shares of the company’s stock valued at $319,000 after buying an additional 4,239 shares during the last quarter. Western Wealth Management LLC bought a new position in shares of Innovative Industrial Properties in the first quarter valued at approximately $149,000. Bank of America Corp DE increased its position in shares of Innovative Industrial Properties by 76.2% during the first quarter. Bank of America Corp DE now owns 29,413 shares of the company’s stock valued at $1,475,000 after acquiring an additional 12,720 shares during the last quarter. Centaurus Financial Inc. increased its position in shares of Innovative Industrial Properties by 1.9% during the first quarter. Centaurus Financial Inc. now owns 14,119 shares of the company’s stock valued at $708,000 after acquiring an additional 259 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its holdings in Innovative Industrial Properties by 5.3% during the first quarter. Sunbelt Securities Inc. now owns 27,131 shares of the company’s stock worth $1,361,000 after acquiring an additional 1,371 shares during the period. 70.58% of the stock is owned by institutional investors.

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.