Roth Mkm Has Lowered Expectations for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its price objective cut by Roth Mkm from $140.00 to $130.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

IIPR has been the topic of several other reports. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $78.00 in a report on Friday, December 20th. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $118.00 to $70.00 in a report on Friday, December 20th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $102.00.

Innovative Industrial Properties Trading Up 0.1 %

Shares of Innovative Industrial Properties stock opened at $72.94 on Friday. The stock has a market cap of $2.07 billion, a P/E ratio of 13.19 and a beta of 1.40. The stock’s 50 day simple moving average is $72.18 and its 200-day simple moving average is $104.38. Innovative Industrial Properties has a 1-year low of $62.45 and a 1-year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting the consensus estimate of $2.22. The business had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.37% and a net margin of 52.40%. Analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 10.42%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IIPR. Pacer Advisors Inc. purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $42,006,000. Norges Bank purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $22,635,000. Wellington Management Group LLP raised its position in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the period. Balyasny Asset Management L.P. purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $9,615,000. Finally, Voloridge Investment Management LLC raised its position in Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company’s stock valued at $6,497,000 after purchasing an additional 93,991 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

About Innovative Industrial Properties

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.