Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock Has Average Target Price of $51.31

Innovative Industrial Properties, Inc. (NYSE:IIPR) has earned a consensus recommendation of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $51.31.

Several analysts have issued reports on the company. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Stifel Nicolaus set a $56.25 price objective on Innovative Industrial Properties and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler decreased their price objective on Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating for the company in a report on Monday. Finally, Huntington started coverage on Innovative Industrial Properties in a research report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 target price on the stock.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Chairman Alan Gold acquired 40,000 shares of the stock in a transaction dated Thursday, October 8th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the acquisition, the chairman directly owned 40,000 shares of the company’s stock, valued at approximately $1,000,000. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce Ives acquired 528 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was acquired at an average cost of $56.70 per share, for a total transaction of $29,937.60. Following the transaction, the director owned 3,180 shares of the company’s stock, valued at $180,306. This represents a 19.91% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

Large investors have recently modified their holdings of the business. Nykredit A S bought a new position in shares of Innovative Industrial Properties in the second quarter valued at about $25,000. Caitlin John LLC acquired a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth about $36,000. Triumph Capital Management boosted its holdings in shares of Innovative Industrial Properties by 112.9% during the 2nd quarter. Triumph Capital Management now owns 905 shares of the company’s stock worth $56,000 after buying an additional 480 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Innovative Industrial Properties by 26.3% during the 3rd quarter. GAMMA Investing LLC now owns 1,833 shares of the company’s stock worth $97,000 after buying an additional 382 shares during the period. Finally, Virtus Advisers LLC bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth about $137,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Up 1.3%

Shares of IIPR stock traded up $0.68 during trading hours on Wednesday, hitting $52.23. 80,623 shares of the company were exchanged, compared to its average volume of 351,066. The business has a 50 day moving average of $55.52 and a two-hundred day moving average of $56.90. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. Innovative Industrial Properties has a 52 week low of $44.58 and a 52 week high of $65.38. The company has a market capitalization of $1.44 billion, a PE ratio of 11.85 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. The firm had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. Analysts anticipate that Innovative Industrial Properties will post 7.04 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 14.5%. The ex-dividend date of this dividend is Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 172.34%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.