Innovative Industrial Properties (NYSE:IIPR) Price Target Raised to $45.00

Innovative Industrial Properties (NYSE:IIPR) had its price target boosted by Piper Sandler from $44.00 to $45.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an underweight rating on the stock.

Separately, Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Two analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Strong Sell” and a consensus target price of $53.00.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $52.96 on Wednesday. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 13.51 and a beta of 1.47. Innovative Industrial Properties has a one year low of $44.58 and a one year high of $74.92. The company’s 50-day simple moving average is $49.12 and its 200-day simple moving average is $51.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.75 and a current ratio of 4.38.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The firm had revenue of $66.66 million for the quarter, compared to analysts’ expectations of $66.16 million. During the same quarter in the prior year, the firm posted $2.03 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 13.1% compared to the same quarter last year. Equities analysts anticipate that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date was Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 14.4%. Innovative Industrial Properties’s payout ratio is currently 193.88%.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $25,000. West Oak Capital LLC acquired a new position in Innovative Industrial Properties during the 3rd quarter valued at about $27,000. FNY Investment Advisers LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth about $32,000. Advisory Services Network LLC bought a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $34,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $35,000. 70.58% of the stock is currently owned by 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.