Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Consensus Rating of “Hold” by Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned a consensus recommendation of “Hold” from the nine research firms that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $78.6667.

Separately, Wolfe Research lowered shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Flaharty Asset Management LLC purchased a new position in Innovative Industrial Properties during the first quarter valued at approximately $27,000. AdvisorNet Financial Inc grew its position in Innovative Industrial Properties by 50.3% during the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock valued at $31,000 after purchasing an additional 187 shares in the last quarter. PSI Advisors LLC grew its position in Innovative Industrial Properties by 454.5% during the first quarter. PSI Advisors LLC now owns 610 shares of the company’s stock valued at $33,000 after purchasing an additional 500 shares in the last quarter. SSA Swiss Advisors AG purchased a new position in Innovative Industrial Properties during the first quarter valued at approximately $33,000. Finally, GF Fund Management CO. LTD. purchased a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $34,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

IIPR stock opened at $52.7880 on Thursday. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties has a one year low of $45.44 and a one year high of $138.35. The firm has a market capitalization of $1.48 billion, a PE ratio of 11.43 and a beta of 1.65. The firm has a 50-day moving average of $54.34 and a two-hundred day moving average of $58.67.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The company had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. During the same period in the prior year, the firm earned $2.06 earnings per share. The business’s quarterly revenue was down 21.2% on a year-over-year basis. On average, analysts forecast that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 14.4%. Innovative Industrial Properties’s payout ratio is presently 164.50%.

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.