Innovative Industrial Properties (NYSE:IIPR) Hits New 1-Year Low – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $62.45 and last traded at $64.96, with a volume of 282518 shares traded. The stock had previously closed at $63.43.

Wall Street Analyst Weigh In

A number of research firms recently commented on IIPR. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Stock Performance

The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.87 billion, a PE ratio of 11.77 and a beta of 1.39. The firm’s fifty day moving average price is $91.27 and its 200 day moving average price is $112.79.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter last year, the firm earned $2.29 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.49%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IIPR. JPMorgan Chase & Co. lifted its position in shares of Innovative Industrial Properties by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after buying an additional 35,269 shares during the last quarter. Barclays PLC lifted its holdings in Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares during the last quarter. Geode Capital Management LLC boosted its position in Innovative Industrial Properties by 31.9% during the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares during the period. CWA Asset Management Group LLC acquired a new position in Innovative Industrial Properties during the third quarter valued at approximately $713,000. Finally, Versor Investments LP raised its position in shares of Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after purchasing an additional 6,062 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 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.