Zacks Investment Research Upgrades Innovative Industrial Properties (IIPR) to Hold

Zacks Investment Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a sell rating to a hold rating in a report issued on Thursday.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

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Separately, Ladenburg Thalmann Financial Services reiterated a buy rating and issued a $34.00 price target (up from $23.00) on shares of Innovative Industrial Properties in a research report on Wednesday, January 24th.

Shares of NYSE IIPR traded down $0.48 during midday trading on Thursday, reaching $30.20. The company’s stock had a trading volume of 37,044 shares, compared to its average volume of 222,826. Innovative Industrial Properties has a fifty-two week low of $15.72 and a fifty-two week high of $36.88. The company has a market cap of $192.07, a price-to-earnings ratio of 45.03 and a beta of -0.70.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, March 28th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.11). Innovative Industrial Properties had a negative net margin of 1.12% and a negative return on equity of 0.12%. The business had revenue of $2.28 million during the quarter. research analysts predict that Innovative Industrial Properties will post 1.32 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 29th will be given a $0.25 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.31%. Innovative Industrial Properties’s payout ratio is 149.25%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IIPR. Vanguard Group Inc. raised its position in shares of Innovative Industrial Properties by 21.7% in the second quarter. Vanguard Group Inc. now owns 153,013 shares of the company’s stock valued at $2,563,000 after buying an additional 27,258 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $261,000. Essex Investment Management Co. LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $836,000. Virtu Financial LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $255,000. Finally, Renaissance Technologies LLC raised its position in shares of Innovative Industrial Properties by 48.9% in the fourth quarter. Renaissance Technologies LLC now owns 19,500 shares of the company’s stock valued at $630,000 after buying an additional 6,400 shares in the last quarter. Institutional investors own 10.44% of the company’s stock.

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About Innovative Industrial Properties

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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