Innovative Industrial Properties (NYSE:IIPR) Upgraded at Alliance Global Partners

Alliance Global Partners upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a buy rating in a research note published on Monday morning, Marketbeat reports. Alliance Global Partners currently has $64.00 price objective on the stock.

IIPR has been the topic of a number of other reports. Stifel Nicolaus initiated coverage on Innovative Industrial Properties in a research note on Wednesday, October 14th. They issued a “buy” rating and a $56.25 price target on the stock. Piper Sandler upped their price objective on Innovative Industrial Properties from $44.00 to $46.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 4th. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Huntington initiated coverage on Innovative Industrial Properties in a report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Moderate Buy” and an average price target of $54.25.

Innovative Industrial Properties Stock Down 0.5%

Shares of NYSE:IIPR opened at $54.77 on Monday. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The firm’s 50 day moving average price is $54.17 and its 200 day moving average price is $55.24. The company has a quick ratio of 10.66, a current ratio of 10.66 and a debt-to-equity ratio of 0.41. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 7.29 and a beta of 1.33.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, November 2nd. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.09. Innovative Industrial Properties had a net margin of 53.20% and a return on equity of 8.01%. The company had revenue of $64.92 million for the quarter, compared to the consensus estimate of $61.03 million. As a group, equities research analysts predict that Innovative Industrial Properties will post 6.88 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

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

Insider Buying and Selling

In other Innovative Industrial Properties news, Director Scott Shoemaker sold 611 shares of Innovative Industrial Properties stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total value of $34,435.96. Following the transaction, the director directly owned 2,000 shares in the company, valued at approximately $112,720. This trade represents a 23.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce Ives bought 528 shares of Innovative Industrial Properties stock in a transaction dated Monday, August 31st. The stock was purchased at an average price of $56.70 per share, with a total value of $29,937.60. Following the purchase, the director directly owned 3,180 shares in the company, valued at approximately $180,306. This trade represents a 19.91% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IIPR. PNC Financial Services Group Inc. increased its position in Innovative Industrial Properties by 6.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company’s stock worth $159,000 after buying an additional 182 shares in the last quarter. Arrow Investment Advisors LLC boosted its stake in shares of Innovative Industrial Properties by 5.2% during the third quarter. Arrow Investment Advisors LLC now owns 4,118 shares of the company’s stock valued at $217,000 after acquiring an additional 203 shares during the last quarter. Focus Financial Network Inc. boosted its stake in shares of Innovative Industrial Properties by 4.6% during the third quarter. Focus Financial Network Inc. now owns 4,602 shares of the company’s stock valued at $242,000 after acquiring an additional 204 shares during the last quarter. Sigma Planning Corp increased its position in Innovative Industrial Properties by 2.4% during the 3rd quarter. Sigma Planning Corp now owns 10,478 shares of the company’s stock worth $552,000 after purchasing an additional 246 shares in the last quarter. Finally, Moors & Cabot Inc. raised its stake in Innovative Industrial Properties by 5.5% in the 3rd quarter. Moors & Cabot Inc. now owns 4,800 shares of the company’s stock valued at $253,000 after purchasing an additional 250 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a real estate investment trust focused on properties used by the regulated cannabis industry. The company acquires and owns specialized facilities, such as cultivation and processing sites, and leases them to state-licensed cannabis operators. IIPR commonly uses sale-leaseback transactions, in which an operator sells a property to the company and then leases it back. Its leases are generally structured so tenants are responsible for property expenses, including taxes, insurance and maintenance.