Innovative Industrial Properties (NYSE:IIPR) Reaches New 1-Year Low – Time to Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $72.34 and last traded at $73.12, with a volume of 322651 shares changing hands. The stock had previously closed at $95.34.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on IIPR shares. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $125.00 to $78.00 in a research note on Friday. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Alliance Global Partners initiated coverage on shares of Innovative Industrial Properties in a research report on Tuesday. They set a “buy” rating and a $130.00 price objective for the company. Finally, Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties presently has an average rating of “Moderate Buy” and an average target price of $116.50.

Innovative Industrial Properties Trading Down 20.1 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.55 and a beta of 1.30. The company’s 50 day moving average is $115.55 and its 200 day moving average is $118.10.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the prior year, the firm earned $2.29 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. On average, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 9.98%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Several hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its position in Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after buying an additional 31,295 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Innovative Industrial Properties in the third quarter worth $713,000. Versor Investments LP grew its position in Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after purchasing an additional 6,062 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after buying an additional 10,711 shares during the last quarter. Finally, TCW Group Inc. bought a new stake in Innovative Industrial Properties during the 3rd quarter worth about $2,572,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.