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

by · The Cerbat Gem

Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Free Report) has earned an average rating of “Hold” from the nine research firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $78.6667.

Separately, Wolfe Research lowered shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd.

Read Our Latest Research Report on Innovative Industrial Properties

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $57.32 on Monday. The company has a fifty day moving average of $53.87 and a 200-day moving average of $56.94. The firm has a market capitalization of $1.61 billion, a P/E ratio of 12.41 and a beta of 1.61. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties has a twelve month low of $45.44 and a twelve month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.03. The company had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. Innovative Industrial Properties’s revenue for the quarter was down 21.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.06 EPS. As a group, sell-side analysts anticipate that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 13.3%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties’s payout ratio is 164.50%.

Institutional Trading of Innovative Industrial Properties

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. increased its stake in Innovative Industrial Properties by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company’s stock valued at $8,403,000 after purchasing an additional 3,961 shares in the last quarter. Bank of America Corp DE increased its stake in Innovative Industrial Properties by 9.1% during the 4th quarter. Bank of America Corp DE now owns 16,759 shares of the company’s stock valued at $1,117,000 after purchasing an additional 1,395 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Innovative Industrial Properties by 6.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company’s stock valued at $267,000 after purchasing an additional 319 shares in the last quarter. Deutsche Bank AG increased its stake in Innovative Industrial Properties by 32.6% during the 4th quarter. Deutsche Bank AG now owns 34,180 shares of the company’s stock valued at $2,278,000 after purchasing an additional 8,408 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Innovative Industrial Properties by 5.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,234 shares of the company’s stock valued at $1,040,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

About Innovative Industrial Properties

(Get Free Report)

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

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