Innovative Industrial Properties (NYSE:IIPR) Hits New 52-Week High – What’s Next?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s share price hit a new 52-week high on Monday . The stock traded as high as $63.71 and last traded at $63.25, with a volume of 35947 shares. The stock had previously closed at $63.36.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on IIPR shares. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Reduce” and a consensus price target of $45.00.

Innovative Industrial Properties Stock Up 0.0%

The firm has a 50-day moving average of $58.53 and a two-hundred day moving average of $53.43. 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 $1.78 billion, a PE ratio of 15.82 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.05). The business had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the company earned $1.94 EPS. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced 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. This represents a $7.60 annualized dividend and a yield of 12.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 194.37%.

Institutional Investors Weigh In On Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the stock. TrueMark Investments LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $982,000. Quinn Opportunity Partners LLC boosted its position in shares of Innovative Industrial Properties by 62.2% during the third quarter. Quinn Opportunity Partners LLC now owns 66,500 shares of the company’s stock worth $3,563,000 after buying an additional 25,500 shares during the period. SG Americas Securities LLC grew its stake in shares of Innovative Industrial Properties by 110.4% in the fourth quarter. SG Americas Securities LLC now owns 24,928 shares of the company’s stock valued at $1,181,000 after buying an additional 13,079 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Innovative Industrial Properties by 13.4% in the fourth quarter. Legal & General Group Plc now owns 193,926 shares of the company’s stock valued at $9,184,000 after buying an additional 22,926 shares in the last quarter. Finally, Brookwood Investment Group LLC purchased a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $776,000. 70.58% of the stock is owned by hedge funds and other 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.