Innovative Industrial Properties (NYSE:IIPR) Reaches New 12-Month High – Should You Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $64.55 and last traded at $64.3750, with a volume of 347756 shares traded. The stock had previously closed at $64.44.

Analyst Ratings Changes

IIPR has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Zacks Research lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $45.00.

Innovative Industrial Properties Trading Down 0.1%

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 fifty day simple moving average of $59.29 and a 200 day simple moving average of $53.83. The company has a market cap of $1.83 billion, a P/E ratio of 16.29 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.05). The firm had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.Innovative Industrial Properties’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.94 EPS. Analysts anticipate that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Innovative Industrial Properties’s payout ratio is currently 194.37%.

Institutional Trading of Innovative Industrial Properties

Several institutional investors have recently added to or reduced their stakes in IIPR. Focus Financial Network Inc. boosted its holdings in shares of Innovative Industrial Properties by 10.1% in the 2nd quarter. Focus Financial Network Inc. now owns 4,398 shares of the company’s stock valued at $273,000 after buying an additional 404 shares during the period. Western Wealth Management LLC acquired a new stake in Innovative Industrial Properties during the first quarter worth about $149,000. Pacer Advisors Inc. raised its stake in Innovative Industrial Properties by 12.3% during the first quarter. Pacer Advisors Inc. now owns 130,218 shares of the company’s stock worth $6,532,000 after acquiring an additional 14,253 shares during the period. NewEdge Advisors LLC lifted its holdings in Innovative Industrial Properties by 199.0% in the first quarter. NewEdge Advisors LLC now owns 6,369 shares of the company’s stock worth $319,000 after acquiring an additional 4,239 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Innovative Industrial Properties by 76.2% in 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 period. Institutional investors own 70.58% of the company’s stock.

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.