Innovative Industrial Properties (NYSE:IIPR) Price Target Raised to $51.00

Innovative Industrial Properties (NYSE:IIPR) had its price objective increased by Piper Sandler from $45.00 to $51.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

IIPR has been the topic of several other reports. Zacks Research downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $48.00.

Innovative Industrial Properties Stock Down 1.6%

IIPR stock opened at $61.33 on Tuesday. The company has a 50 day moving average price of $60.30 and a two-hundred day moving average price of $54.52. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. The stock has a market capitalization of $1.76 billion, a P/E ratio of 15.69 and a beta of 1.39. Innovative Industrial Properties has a one year low of $44.58 and a one year high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results 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). The business had revenue of $69.00 million for the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.94 EPS. As a group, sell-side analysts expect that Innovative Industrial Properties will post 6.99 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 12.4%. The ex-dividend date was Tuesday, June 30th. Innovative Industrial Properties’s payout ratio is currently 194.37%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. TrueMark Investments LLC acquired a new position in Innovative Industrial Properties in the fourth quarter worth $982,000. SG Americas Securities LLC increased its stake in Innovative Industrial Properties by 110.4% during the fourth quarter. SG Americas Securities LLC now owns 24,928 shares of the company’s stock valued at $1,181,000 after purchasing an additional 13,079 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Innovative Industrial Properties by 13.4% during the fourth quarter. Legal & General Group Plc now owns 193,926 shares of the company’s stock worth $9,184,000 after purchasing an additional 22,926 shares during the period. Brookwood Investment Group LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $776,000. Finally, Hsbc Holdings PLC lifted its position in shares of Innovative Industrial Properties by 22.2% in the 4th quarter. Hsbc Holdings PLC now owns 45,089 shares of the company’s stock worth $2,135,000 after buying an additional 8,189 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

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.