Innovative Industrial Properties (NYSE:IIPR) Stock Passes Below Fifty Day Moving Average – Should You Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR) crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $60.92 and traded as low as $55.28. Innovative Industrial Properties shares last traded at $55.72, with a volume of 349,652 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings upgraded Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Zacks Research cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Piper Sandler upped their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $48.00.

Innovative Industrial Properties Trading Up 1.9%

The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $60.81 and a two-hundred day moving average of $55.65. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.73 and a beta of 1.38.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, August 3rd. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 7.15 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.5%. The ex-dividend date of this dividend was Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio is 172.34%.

Institutional Trading of Innovative Industrial Properties

Institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership lifted its stake in shares of Innovative Industrial Properties by 3,423.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after purchasing an additional 524,284 shares during the period. First Trust Advisors LP boosted its position in shares of Innovative Industrial Properties by 20.4% in the first quarter. First Trust Advisors LP now owns 100,294 shares of the company’s stock worth $5,031,000 after acquiring an additional 17,000 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Innovative Industrial Properties by 13.4% in the 4th quarter. Legal & General Group Plc now owns 193,926 shares of the company’s stock valued at $9,184,000 after purchasing an additional 22,926 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Innovative Industrial Properties by 22.2% during the 4th quarter. Hsbc Holdings PLC now owns 45,089 shares of the company’s stock valued at $2,135,000 after buying an additional 8,189 shares during the period. Finally, North Star Investment Management Corp. raised its position in shares of Innovative Industrial Properties by 33,333.3% in the 1st quarter. North Star Investment Management Corp. now owns 15,045 shares of the company’s stock worth $755,000 after buying an additional 15,000 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.