Innovative Industrial Properties (IIPR) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a sell rating to a hold rating in a research note released on Wednesday.

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. “

Other analysts have also recently issued research reports about the company. TheStreet raised Innovative Industrial Properties from a c rating to a b- rating in a research report on Friday, November 30th. Compass Point lifted their price target on Innovative Industrial Properties from $48.00 to $50.00 and gave the stock a buy rating in a research report on Monday, October 8th. Finally, LADENBURG THALM/SH SH reaffirmed a buy rating and set a $48.00 price target on shares of Innovative Industrial Properties in a research report on Monday, September 10th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Innovative Industrial Properties has a consensus rating of Buy and an average target price of $50.33.

Shares of IIPR opened at $52.11 on Wednesday. Innovative Industrial Properties has a one year low of $22.30 and a one year high of $55.63. The stock has a market cap of $485.67 million, a price-to-earnings ratio of 77.78 and a beta of 0.94.

In other Innovative Industrial Properties news, major shareholder Hg Vora Capital Management, Ll sold 475,000 shares of Innovative Industrial Properties stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $44.29, for a total transaction of $21,037,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan D. Gold acquired 67,500 shares of Innovative Industrial Properties stock in a transaction on Thursday, October 4th. The shares were bought at an average price of $40.00 per share, with a total value of $2,700,000.00. Following the purchase, the insider now directly owns 313,867 shares in the company, valued at approximately $12,554,680. The disclosure for this purchase can be found here. Company insiders own 6.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in shares of Innovative Industrial Properties by 3,121.4% in the 2nd quarter. BlackRock Inc. now owns 413,951 shares of the company’s stock valued at $15,158,000 after purchasing an additional 401,101 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in shares of Innovative Industrial Properties by 169.0% in the 3rd quarter. Essex Investment Management Co. LLC now owns 140,197 shares of the company’s stock valued at $6,763,000 after purchasing an additional 88,070 shares in the last quarter. Uniplan Investment Counsel Inc. purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $2,673,000. Renaissance Technologies LLC increased its stake in shares of Innovative Industrial Properties by 68.2% in the 2nd quarter. Renaissance Technologies LLC now owns 107,000 shares of the company’s stock valued at $3,918,000 after purchasing an additional 43,400 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $1,621,000. Institutional investors and hedge funds own 29.76% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

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