Innovative Industrial Properties (NYSE:IIPR) Sets New 52-Week High – Time to Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $64.55 and last traded at $64.3750, with a volume of 347756 shares changing hands. The stock had previously closed at $64.44.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Zacks Research lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Reduce” and a consensus price target of $45.00.

Innovative Industrial Properties Price Performance

The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1.86 billion, a P/E ratio of 16.49 and a beta of 1.39. The company’s 50-day simple moving average is $59.03 and its 200 day simple moving average is $53.64.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The firm had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. During the same quarter in the previous year, the firm posted $1.94 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $1.90 per share. The ex-dividend date is Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 11.8%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 194.37%.

Institutional Investors Weigh In On Innovative Industrial Properties

Several large investors have recently modified their holdings of IIPR. Focus Financial Network Inc. lifted its position in shares of Innovative Industrial Properties by 10.1% during the 2nd quarter. Focus Financial Network Inc. now owns 4,398 shares of the company’s stock worth $273,000 after buying an additional 404 shares during the period. Western Wealth Management LLC bought a new stake in Innovative Industrial Properties in the first quarter valued at $149,000. Pacer Advisors Inc. raised its stake in Innovative Industrial Properties by 12.3% during the first quarter. Pacer Advisors Inc. now owns 130,218 shares of the company’s stock worth $6,532,000 after acquiring an additional 14,253 shares in the last quarter. NewEdge Advisors LLC raised its stake in Innovative Industrial Properties by 199.0% during the first quarter. NewEdge Advisors LLC now owns 6,369 shares of the company’s stock worth $319,000 after acquiring an additional 4,239 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Innovative Industrial Properties by 76.2% during the first quarter. Bank of America Corp DE now owns 29,413 shares of the company’s stock valued at $1,475,000 after acquiring an additional 12,720 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

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.