Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock Has Average Target Price of $51.81

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned a consensus recommendation of “Hold” from the six analysts that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $51.81.

Several equities research analysts recently issued reports on IIPR shares. Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $44.00 to $46.00 and gave the company an “underweight” rating in a research note on Wednesday. Stifel Nicolaus started coverage on shares of Innovative Industrial Properties in a report on Wednesday, October 14th. They issued a “buy” rating and a $56.25 price objective for the company. Huntington assumed coverage on shares of Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 target price on the stock. Finally, Weiss Ratings downgraded shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th.

Insider Activity

In other news, Director Scott Shoemaker sold 611 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total transaction of $34,435.96. Following the transaction, the director owned 2,000 shares of the company’s stock, valued at approximately $112,720. This represents a 23.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bruce Ives acquired 528 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was bought at an average cost of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the purchase, the director directly owned 3,180 shares in the company, valued at $180,306. This represents a 19.91% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Innovative Industrial Properties during the second quarter valued at approximately $309,746,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Innovative Industrial Properties by 3,423.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after buying an additional 524,284 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Innovative Industrial Properties by 4.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company’s stock worth $18,399,000 after buying an additional 16,444 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth $12,793,000. Finally, Legal & General Group Plc bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth $10,438,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR stock opened at $54.73 on Friday. The company has a quick ratio of 24.51, a current ratio of 10.66 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 12.35 and a beta of 1.33. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $65.38. The firm has a 50 day moving average of $54.26 and a two-hundred day moving average of $55.16.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, November 2nd. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.90 by $0.09. The company had revenue of $64.92 million for the quarter, compared to analyst estimates of $61.03 million. Innovative Industrial Properties had a net margin of 53.20% and a return on equity of 8.01%. As a group, equities analysts anticipate that Innovative Industrial Properties will post 6.85 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.9%. The ex-dividend date was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is 171.56%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.