Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives $268.17 Consensus Price Target from Brokerages

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) have been given an average recommendation of “Buy” by the eight analysts that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $257.33.

Several research analysts have commented on the company. Piper Sandler lowered their price objective on Innovative Industrial Properties from $290.00 to $285.00 in a research report on Friday, January 14th. Zacks Investment Research raised Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Monday, April 25th. StockNews.com started coverage on Innovative Industrial Properties in a research report on Thursday, March 31st. They issued a “hold” rating for the company. BTIG Research reissued a “buy” rating and issued a $290.00 price objective on shares of Innovative Industrial Properties in a research report on Friday, April 1st. Finally, Craig Hallum raised Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $175.00 target price for the company in a research report on Monday, May 9th.

In other news, Director Gary A. Kreitzer sold 1,104 shares of the company’s stock in a transaction on Monday, March 14th. The shares were sold at an average price of $31.05, for a total value of $34,279.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Gary A. Kreitzer sold 2,200 shares of the company’s stock in a transaction on Thursday, March 10th. The stock was sold at an average price of $31.52, for a total transaction of $69,344.00. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IIPR. Covestor Ltd purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $25,000. Tcwp LLC purchased a new stake in Innovative Industrial Properties during the first quarter valued at about $26,000. Joseph P. Lucia & Associates LLC purchased a new stake in Innovative Industrial Properties during the first quarter valued at about $31,000. Wagner Wealth Management LLC purchased a new stake in Innovative Industrial Properties during the third quarter valued at about $33,000. Finally, Level Financial Advisors Inc. purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $33,000. 66.91% of the stock is currently owned by institutional investors and hedge funds.

Shares of IIPR traded up $11.57 during midday trading on Friday, hitting $138.47. The company’s stock had a trading volume of 622,478 shares, compared to its average volume of 407,493. Innovative Industrial Properties has a one year low of $121.03 and a one year high of $288.02. The company’s fifty day simple moving average is $174.53 and its two-hundred day simple moving average is $210.85. The company has a quick ratio of 52.60, a current ratio of 28.15 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of 28.67 and a beta of 1.77.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $1.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.61). Innovative Industrial Properties had a net margin of 54.43% and a return on equity of 7.91%. The business had revenue of $64.50 million during the quarter, compared to the consensus estimate of $63.19 million. During the same quarter in the previous year, the business posted $1.47 EPS. The company’s revenue for the quarter was up 50.4% on a year-over-year basis. On average, research analysts predict that Innovative Industrial Properties will post 7.8 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 31st were paid a $1.75 dividend. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Wednesday, March 30th. This represents a $7.00 annualized dividend and a yield of 5.06%. Innovative Industrial Properties’s dividend payout ratio is presently 144.93%.

About Innovative Industrial Properties (Get Rating)

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 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.

Read More

Analyst Recommendations for Innovative Industrial Properties (NYSE:IIPR)

Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.