Innovative Industrial Properties (NYSE:IIPR) Stock Rating Lowered by Alliance Global Partners

Alliance Global Partners downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Several other brokerages have also recently issued reports on IIPR. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $118.00 to $70.00 in a report on Friday. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $78.00 in a research note on Friday. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $70.43 on Monday. The business’s 50-day simple moving average is $113.17 and its two-hundred day simple moving average is $117.72. Innovative Industrial Properties has a 52 week low of $68.80 and a 52 week high of $138.35. The stock has a market cap of $2.00 billion, a PE ratio of 12.53 and a beta of 1.31. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

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

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $1.90 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.79%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Institutional Trading of Innovative Industrial Properties

Several hedge funds and other institutional investors have recently made changes to their positions in IIPR. Franklin Resources Inc. raised its stake in Innovative Industrial Properties by 10.3% in the third quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock valued at $2,984,000 after buying an additional 2,105 shares during the last quarter. Virtu Financial LLC acquired a new position in Innovative Industrial Properties during the 3rd quarter valued at approximately $339,000. TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties in the third quarter worth $2,572,000. Geode Capital Management LLC lifted its stake in shares of Innovative Industrial Properties by 31.9% during the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after buying an additional 12,791 shares during the period. Finally, Vestcor Inc grew its holdings in shares of Innovative Industrial Properties by 2.8% during the third quarter. Vestcor Inc now owns 25,443 shares of the company’s stock valued at $3,425,000 after buying an additional 696 shares during the last quarter. Hedge funds and other institutional investors 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.