Innovative Industrial Properties (NYSE:IIPR) Stock Rated Outperform in New Coverage at Huntington

by · The Cerbat Gem

Huntington initiated coverage on shares of Innovative Industrial Properties (NYSE:IIPR – Free Report) in a research note issued to investors on Friday, Marketbeat Ratings reports. The firm issued an outperform rating and a $60.00 price target on the stock.

A number of other research firms also recently issued reports on IIPR. Weiss Ratings raised shares of Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Piper Sandler lifted their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. One investment analyst has 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 a consensus rating of “Hold” and a consensus target price of $52.00.

View Our Latest Research Report on Innovative Industrial Properties

Innovative Industrial Properties Trading Down 0.0%

Shares of IIPR stock opened at $50.50 on Friday. The stock has a market cap of $1.39 billion, a P/E ratio of 11.45 and a beta of 1.37. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The business has a fifty day simple moving average of $56.78 and a 200-day simple moving average of $56.98.

Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.02 by $0.34. The firm had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. On average, analysts forecast that Innovative Industrial Properties will post 7.05 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $1.90 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 15.1%. Innovative Industrial Properties’s payout ratio is currently 172.34%.

Insider Transactions at Innovative Industrial Properties

In other news, Director Bruce Ives acquired 528 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was bought at an average cost of $56.70 per share, with a total value of $29,937.60. Following the transaction, the director directly owned 3,180 shares in the company, valued at approximately $180,306. This represents a 19.91% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott Shoemaker sold 611 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the sale, the director owned 2,000 shares of the company’s stock, valued at $112,720. This represents a 23.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter worth approximately $309,746,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Innovative Industrial Properties by 3,423.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after acquiring an additional 524,284 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Innovative Industrial Properties by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company’s stock worth $18,399,000 after acquiring an additional 16,444 shares during the period. Bank of New York Mellon Corp bought a new stake in Innovative Industrial Properties in the 2nd quarter valued at about $12,793,000. Finally, Legal & General Group Plc lifted its position in Innovative Industrial Properties by 13.4% in the 4th quarter. Legal & General Group Plc now owns 193,926 shares of the company’s stock valued at $9,184,000 after purchasing an additional 22,926 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

(Get Free Report)

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.

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