Innovative Industrial Properties Inc (IIPR) Given $23.00 Average Price Target by Brokerages

Shares of Innovative Industrial Properties Inc (NYSE:IIPR) have been given a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a strong buy rating.

Brokers have set a twelve-month consensus price target of $23.00 for the company, according to Zacks. Zacks has also assigned Innovative Industrial Properties an industry rank of 222 out of 265 based on the ratings given to its competitors.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday, January 9th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Innovative Industrial Properties in a research note on Friday, October 20th.

Innovative Industrial Properties (NYSE IIPR) traded down $2.49 on Friday, hitting $31.30. 455,724 shares of the stock traded hands, compared to its average volume of 240,739. The stock has a market capitalization of $109.59 and a P/E ratio of -49.68. Innovative Industrial Properties has a 52-week low of $15.45 and a 52-week high of $36.88.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 8th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.05. The firm had revenue of $1.56 million during the quarter. Innovative Industrial Properties had a negative net margin of 108.39% and a negative return on equity of 8.09%. analysts anticipate that Innovative Industrial Properties will post 0.18 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were paid a $0.25 dividend. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.00 annualized dividend and a dividend yield of 3.19%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently -158.73%.

An institutional investor recently raised its position in Innovative Industrial Properties stock. NBW Capital LLC boosted its position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 8.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,160 shares of the company’s stock after acquiring an additional 3,479 shares during the period. NBW Capital LLC owned 1.29% of Innovative Industrial Properties worth $756,000 as of its most recent SEC filing. 8.60% of the stock is currently owned by institutional investors and hedge funds.

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Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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