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

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price reached a new 52-week low on Friday . The company traded as low as $61.72 and last traded at $63.42, with a volume of 126893 shares trading hands. The stock had previously closed at $63.38.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Compass Point cut their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday. Roth Mkm cut their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $88.00.

Innovative Industrial Properties Price Performance

The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 11.62 and a beta of 1.49. The company has a 50-day moving average of $70.41 and a 200-day moving average of $97.87. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.81%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Several institutional investors have recently modified their holdings of the company. Bogart Wealth LLC acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $27,000. Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $55,000. Loomis Sayles & Co. L P raised its position in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares during the last quarter. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $32,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $34,000. Hedge funds and other 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.