Innovative Industrial Properties (NYSE:IIPR) Lifted to Hold at Wolfe Research

Wolfe Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a hold rating in a research note issued to investors on Monday, Zacks.com reports.

A number of other equities analysts have also recently issued reports on the stock. Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a buy rating in a research note on Monday, July 22nd. Piper Sandler increased their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a neutral rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $130.00.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $134.00 on Monday. The company’s fifty day moving average is $123.09 and its two-hundred day moving average is $111.55. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 23.51 and a beta of 1.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06. Innovative Industrial Properties has a 52-week low of $69.08 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). The firm had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period last year, the company earned $2.26 EPS. Equities research analysts forecast that Innovative Industrial Properties will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.67%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 133.33%.

Institutional Investors Weigh In On Innovative Industrial Properties

Large investors have recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Innovative Industrial Properties by 84.9% in the 1st quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock valued at $54,000 after buying an additional 241 shares during the period. Signaturefd LLC increased its stake in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares during the period. Federated Hermes Inc. lifted its stake in shares of Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after acquiring an additional 312 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its holdings in Innovative Industrial Properties by 251.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock valued at $73,000 after acquiring an additional 517 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

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.