Analysts Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Target Price at $78.67

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned an average rating of “Hold” from the nine analysts that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $78.67.

A number of equities analysts have recently weighed in on IIPR shares. Compass Point reaffirmed a “sell” rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Wolfe Research assumed coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price target on the stock. Roth Mkm decreased their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Industrial Alliance Securities reiterated a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Finally, Piper Sandler dropped their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is owned by insiders.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bogart Wealth LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter worth about $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at about $32,000. PSI Advisors LLC raised its holdings in shares of Innovative Industrial Properties by 454.5% in the first quarter. PSI Advisors LLC now owns 610 shares of the company’s stock worth $33,000 after buying an additional 500 shares during the last quarter. SSA Swiss Advisors AG acquired a new stake in Innovative Industrial Properties during the 1st quarter worth about $33,000. Finally, GF Fund Management CO. LTD. acquired a new position in Innovative Industrial Properties in the 4th quarter worth approximately $34,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $54.58 on Tuesday. Innovative Industrial Properties has a 1-year low of $45.44 and a 1-year high of $138.35. The company has a 50 day moving average of $57.95 and a 200-day moving average of $77.77. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.53 billion, a PE ratio of 9.87 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). The firm had revenue of $71.72 million during the quarter, compared to analyst estimates of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.21 EPS. As a group, equities research analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 13.92%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties’s payout ratio is currently 146.15%.

Innovative Industrial Properties Company Profile

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.