Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down on Analyst Downgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price gapped down before the market opened on Monday after Compass Point lowered their price target on the stock from $78.00 to $60.00. The stock had previously closed at $69.62, but opened at $66.46. Compass Point currently has a neutral rating on the stock. Innovative Industrial Properties shares last traded at $64.77, with a volume of 129,361 shares trading hands.

Several other equities analysts have also recently issued reports on the company. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Piper Sandler decreased their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a report on Monday. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $88.00.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the 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 completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. 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 currently owned by insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds have recently made changes to their positions in the company. Bogart Wealth LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties during the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P raised its holdings in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares during the last quarter. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $32,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Up 1.5 %

The business has a fifty day simple moving average of $70.48 and a 200 day simple moving average of $98.36. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 11.79 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

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

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.66%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

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.